XTEK announced the appointment of Adelaide McDonald to the XTEK Board of Directors effective from 24 August 2022. McDonald has over 15 years’ experience in corporate advisory and equity research.

McDonald is currently a Non-Executive Director of VGI Partners Global Investments Ltd and VGI Partners Asian Investments Ltd. In addition, McDonald has held roles as a Director at KPMG in the Mergers and Acquisitions practice with previous roles at Wilson HTM and BDO Kendalls.

McDonald graduated from the University of Queensland with a Bachelor of Commerce, with majors in Accounting and Finance, and a Bachelor of Business Management, majoring in Business Economics. McDonald has completed the CFA Program and has been awarded the CFA Charter. McDonald’s extensive accounting, financial and investment background knowledge will provide additional experience to the XTEK Board.

Mark Stevens, Chairman of XTEK Board of Directors, commented: “I am delighted to welcome Adelaide to the XTEK Board of Directors. I believe her extensive capital markets and corporate finance experience and knowledge will be of immense value to XTEK going forward.”

XTEK Limited also recently announced that the group’s HighCom Armor Solutions Inc. business has now dispatched a further US$4.4 million tranche in August 2022, of the transformational US$33.21 million order that it previously announced on 27 May. As was noted in the initial announcement, the entire US$33.21 million contract value was prepaid in full before the first shipment of goods occurred.

This shipment means that the group has now recognised 80 percent of the revenue of the order as scheduled and has recognised total revenues of US$26.4 million to date (i.e. US$11 million in Q4 FY22 and US$15.4 million so far in Q1 FY23).

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