XTEK, Australia’s leading designer and manufacturer of composite products, said its HighCom Armor Solutions business has deployed the fifth tranche of a USD 33.2 million order for specialist ballistic armour in the United States.
As announced in XTEK’s May statement, the entire contract value was prepaid in full before the first batch of goods was delivered.
According to the ASX announcement, the latest batch, which amounts to $4.4 million, marks the 80 per cent completion of the order, which was received on 27 May.
The shipment also means that the company has recognised total revenues of USD 26.4 million to date.
The contract is slated for completion by the end of the first quarter of fiscal year 2023, with the shipment of the remaining tranche worth USD 6.6 million scheduled to occur before the end of 22 September.
“Our HighCom Armor team have done a tremendous job of maintaining the manufacturing and delivery tempo on this very important contract for the business. With this latest shipment of our world-leading ballistic protective equipment valued at US$4.4m, we are now 80% of the way through completing this transformational order.,” said Scott Basham, chief executive of XTEK Group.
The group is comprised of XTEK and its wholly owned US subsidiary HighCom Armor and operates as two distinctly divisions— the ballistics and technology divisions.
Earlier this month, the company won a $2.7 million contract with a US government agency to deliver specialist body armour and ballistic helmets.
