Quickstep posts $3.9m loss

Advanced manufacturing company Quickstep Holdings has posted a $3.9m loss for the 12 months to June 30, compared to $11.2m for the previous year.

The company reported a 229% increase in sales to $39.5m, up from $12m in 2014.

Total revenue, including income from grants and tax rebates, was up 132% to $41.3m, compared to $17.8m for the previous period.

Aerospace manufacturing sales increased 181% to $33.7m from $12.0m, and income from the sale of Quickstep's technology for aerospace was $5.8m.

Quickstep's firm order book, which mostly comprises aerospace manufacturing work to be completed in the next two years, grew to $74.9m.

Quickstep managing director, David Marino commented, "Our aerospace manufacturing operations performed well being on or ahead of schedule by the year end. We delivered our first ever half year positive operating profit in H2 FY15 as sales of F‐35 Lightning II Joint Strike Fighter carbon fibre doors and panels and C‐130J wing flaps accelerated.

“Increasing manufacturing rates of JSF aircraft in the USA will drive production of Quickstep parts for the program in the next two years. Qualification prior to commencing manufacture of JSF vertical tail components is progressing well, with rollout expected to begin in the fourth quarter of FY2016, which will further accelerate sales growth.”