It might take some time for the market to appreciate just what a breakthrough this deal is. As I read it all the $101 m is for the first tranche only. the second tranche the Ministers flagged will be additional. If that is for upgrading the WASP AE XTE would have to be in a good position to win that work also.
As to sustainment (DoD speak for modifications and maintenance) , that is typically where the higher margins are in agency business. Margins on supply of the initial kit are usually low but much better on follow-on work. That is the significance of the $4 m a year number quoted by the Ministers. It will be interesting to see what the $11 m quoted for local acquisitions will involve.
Most of the revenues from the $101 m will happen in 2018/19 onward but it will also be interesting to see how much falls into next FY. That should help the market cap.
Ann: XTEK to supply new Small Unmanned Aerial Systems to the ADF, page-18
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