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Quickstep sales growth continues

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Carbon-fibre component manufacturer Quickstep has reported sales of $3.7 million for the half-year to December 31.

Total revenue for the half, including grants, was $6.3 million compared to $3.6 million in the previous corresponding period. Operating cash receipts were $12.7 million.

Quickstep reported a loss of $5.9 million, in line with the company’s expectations (1H FY2013: $7.4 million loss). At 31 December 2013 the company held cash of $7.1 million as well as restricted cash deposits of $4.1 million.

Quickstep managing director, Philippe Odouard, said: “... Our flagship Joint Strike Fighter and C-130J contracts are ramping up, and we continue to progress the OPRE Technologiya Quickstep Process contact and plans to commercialise the resin spray transfer technology for the automotive sector.”

Quickstep sales are expected to increase substantially in the second half as contract manufacturing for the Lockheed Martin C-130J Super Hercules aircraft and the F-35 Lightning II Joint Strike Fighter increases.

The company delivered the first shipset of four C-130J carbon-fibre wing flaps for Lockheed Martin ahead of schedule in early 2014. Quickstep has received purchase orders for 36 shipsets and further orders will be confirmed as the US$75 million program continues. Under the memorandum of agreement, Quickstep will deliver 120 C-130J shipsets through to 2018.

During the half, Quickstep received a $1 million Australian government grant to support qualification of the Quickstep Process for manufacturing vertical tail spars for the Joint Strike Fighter program. The Quickstep Process is a patented technology which moulds carbon fibre and resin using heated liquids, curing composite components more efficiently than traditional techniques at much lower cost.

Quickstep has submitted a number of commercial-in-confidence tenders to aerospace and defence companies regarding potential new contracts, and continues to progress its plans to commercialise its Quickstep Process and resin spray transfer technologies.

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