Advanced composite component manufacturer, Quickstep, has reported a 13.7 per cent profitability growth over the past year, thanks to its aerospace production ramp up as well as revisions to the company’s organisational structure.
Quickstep’s sales grew from $51.9 million to $59.0 million over the past financial year from 2017 to 2018, according to an ASX announcement by the company.
Quickstep CEO and managing director, Mark Burgess, said the growth in profitability was a result of the company’s focus on aerospace sector as well as a strengthened management team and implementing Lean enterprise program.
“We have a clear vision focused on aerospace sector growth and have strengthened our management team, increasing leadership skills and accountability across the business. The benefits of our value systems and lean programs are beginning to flow through with targeted R&D contributing to commercial projects, and contract wins that align the company for future growth,” Burgess said.
Quickstep is a key supplier into the global F-35 Program, supplying 40 per cent of the materiel to Marand Precision Engineering to produce each F-35 Conventional Take-Off and Landing Vertical Tail.
Recently, Quickstep announced that it had secured a new project to produce carbon fibre composite housings for an F-35 counter-measure flare for Chemring Australia, further expanding Quickstep’s activity.
This project is supported by project funding from the F-35 Lightning II Joint Program Office through Chemring Australia and a New Air Combat Capability – Industry Support Program grant of $1 million alongside investment by Quickstep.
“Production for the Joint Strike Fighter (JSF) program increased 45 per cent in FY18 and is expected to continue to increase in FY19,” Burgess said.
Over the next three years, Quickstep expects to benefit from increasing JSF production and higher margins as economies of scale improve. An enhanced business development function and healthy project pipeline has the company well positioned for future profitable growth. The group continues to be focused on high value, expanding global markets while strengthening its position as Australia’s leading independent carbon fibre composites manufacturer.