Ann: XTEK AGM Group CEO Address to Shareholders and Update, page-7

Making a lot of assumptions on the below (key one being 50% margin on both ballistics and technology services), but if they can maintain their costs at ~$20m per annum (in 2023 they paid ~4m in commissions presumably for the large ballistics order), then it's not shaping up too badly.

What also needs to hold is the ~24m per annum ('run rate') orders in the ballistics area.

	FY2021	FY2022	FY2023	1H24	2H24	FY2024
Ballistics Division	16.1	47.0	52.7	21.2	12.0	33.2
- run rate				12.0	12.0	24.0	2m per mth run rate
- additional orders				9.2		9.2
Technology Division	12.1	11.1	36.7	8.5	2.0	10.5
- Services				1.0	2.0	3.0	$15.9m over 48 mths
- Spare Parts				7.5		7.5
Grant Revenues	0.1	0.1	0.0			0.0
Total Revenues	28.3	58.2	89.4	29.7	14.0	43.7
							Gross Margin estimate
Gross Margin - Ballistic Division	8.1	23.5	26.4	10.6	6.0	16.6	50%
Gross Margin - Tech Division (Services)				0.5	1.0	1.5	50%
Gross Margin - Tech Division (parts)	1.8	1.7	5.5	1.1	0.0	1.1	15%
Adjust GP	-1.7	2.3	1.9
Total Gross profit	8.1	27.4	33.7	12.2	7.0	19.2
Other Income	0.5	0.5	0.1
Expenses	12.5	20.7	24.9	10.0	10.0	20.0
Net Profit Before Tax	-3.9	7.2	8.9	2.2	-3.0	-0.8