This ASX Defence Stock Gets a Thrust by 92% Revenue Growth
Team Veye | 16-Jul-2024
Electro Optic Systems Holdings Limited (ASX: EOS) announces unaudited revenue of approximately $142.6m for the six months to 30 June 2024, an jump of 92% on prior year.
EOS operates in two systems, Defence Systems specialising in technology for weapon systems optimisation and Space Systems that includes all EOS space and communications businesses.
The company had a cash balance of $52.2m at 30 June 2024 as compared to a cash balance of $72.4m at 31 March 2024. It made a repayment of $20.5m of debt during April 2024.
The increased revenue for 1H 2024 reflects growth across all of EOS businesses. This includes the impact of accelerating production and delivery of Remote Weapons Systems (RWS) to a customer in the Middle East and growth in the EM Solutions business and growth in the Space Technologies business.
EOS has recently diversified its revenue base with new contracts, demonstrating its strong market presence and ability to secure significant deals.
For the full year ending 31 December 2023, EOS had reported robust revenue growth, reaching $219.3 million from Continuing Operations activities, up by 59% compared to the previous year's $137.9 million. However, because of inconsistent nature of EOS revenue, quarterly figures should not be used to imply full year estimates.
Source: Company's Report
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