Profitability Rises By AU$5.4 Million for Quickstep

In a milestone year, aerospace and defense firm has witnessed its shares rise over 77 percent year-to-date.

Quickstep (ASX:QHL), a carbon fiber manufacturer that is focused on defense and aerospace industries announced a AU$5.6 million rise in year-over-year net profits, rising to Au$2.7 million. Heightened defense procurement help drive revenues as operating cash footed AU$1 million and earnings before interest, tax, depreciation and amortization rose by AU$5.4 million.

As quoted in the press release:

A maiden full year net profit after tax of $2.7 million represented a $5.6 million improvement on the previous year, and included a $4.6 million lift in EBITDA and $1.0m tax benefit reflecting future taxable income. The company also delivered $0.4 million operating cash flow for FY19, its first full year positive result, and at 30 June 2019 reported net debt of $0.3m, a reduction of $11.2 million from 31 December 2018.

Operating cash flow improved year on year by $1.0 million despite a $3.1 million increase in working capital, principally inventory to support our growth. The much improved debt position was in large part attributable to the successful share placement and Share Purchase Plan (SPP) in early 2019 that raised $11.7 million net of fees. These funds were used to strengthen our balance sheet to allow flexibility to accelerate future growth projects and reduce debt.

Click here to read the full press release.

Petratherm Limited Announces Filing of Early Warning Report Related to the Disposition of Common Shares of Outback Goldfields Corp.

Petratherm Limited (ASX: PTR) (“Petratherm”) announces that it has filed an early warning report (the “Report”) announcing that it has disposed of 33,333,333 common shares (the “Disposed Shares”) of Outback Goldfields Corp. (CSE:OZ) (formerly, Skarb Exploration Corp.) (“Outback Goldfields“). Petratherm acquired the Disposed Shares as consideration for the sale of its gold projects located in Victoria, Australia. Unless permitted under securities legislation, Petratherm must not trade the common shares before April 16, 2021. Following the expiry of this restriction period, Petratherm distributed all of the Disposed Shares in specie to its shareholders effective today. Following the disposition of the Disposed Shares, Petratherm holds nil shares of Outback Goldfields.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Report by Petratherm.

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AU$4 Billion Galaxy/Orocobre Merger to Create Top 5 Lithium Company

Australia’s Orocobre (TSX:ORL,ASX:ORE) and Galaxy Resources (ASX:GXY,OTC Pink:GALXF) agreed this week to join forces in a AU$4 billion “merger of equals.” The deal comes as demand for lithium for electric vehicle (EV) batteries continues to pick up pace.

Once the merger is complete, the new company will become a top five lithium chemicals company globally — and top three outside of China — with production capacity of around 40,000 tonnes of lithium carbonate equivalent per year.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” Galaxy Chairman Martin Rowley said.

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IIROC Trading Halt – TMRR

The following issues have been halted by IIROC:

Company: Tempus Resources Ltd.

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Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

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Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Becoming a substantial holder

The announcement can be viewed at:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.gxy

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