XTEK (ASX:XTE) is a Defence industry company operating as two distinct divisions – ballistics and technology. The ballistics division is based on its “HighCom Armor” brand and is focused on designing, manufacturing and supplying global military, law enforcement and first responder customers with personal protection ballistic products.XTE’s cutting edge military tech division supplies UAV and UGV solutions, detection and optical payloads, 3D mapping and modelling software along with tactical situation awareness software.XTE counts the the Australian Defence Force among its customers.Wulff said it’s another company that could be in line to benefit from the Defence Strategic Review.“The review places XTE in the prime position to work with the ADF to achieve the key point in the review of lifting capacity to introduce disruptive new tech into ADF capability, in close partnership with Australian industry, given XTE’s existing infrastructure and operational capacity,” she said.She said the H1 FY23 for XTE delivered very strong results compared to the prior-corresponding-period (PCP). Revenue exceeded Bell Potter guidance at $48.5m, up 321% on PCP.“The company has also recently experienced gross margin improvement, up 27.1% on the PCP, as revenue in the first half was largely driven by higher margin sales in the ballistics division,” she said.“Given XTEK’s existing contract with the ADF for $26.9m to supply an unspecified amount of Small Unmanned Aerial Systems (SUAS), the strategic review now opens further doors for contracts to be extended and new orders to be placed.”
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