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DroneShield products on display
DroneShield Ltd (ASX:DRO), a outstanding player within the counterdrone sector, has earned a coveted spot within the S&P/ASX All Ordinaries Index, marking a major achievement for the corporate.
The inclusion announcement by S&P Dow Jones Indices on March 1, 2024, follows DroneShield’s impressive financial results for the fiscal 12 months 2023, as disclosed in a press release on February 27, 2024. These results highlighted the corporate’s substantial growth and path to profitability – and highlights the rise of counterdrone technology firms in the present geopolitical climate.
In 2023, DroneShield witnessed remarkable financial performance, with record-breaking money receipts totaling $73.5 million, a notable fivefold increase in comparison with the previous fiscal 12 months. Revenue also surged to $55.1 million, marking a threefold rise from the previous 12 months. A significant slice of the revenue was attributed to repeat customers, reflecting the corporate’s ability to take care of strong relationships.
Achieving profitability for the primary time, DroneShield reported a profit after tax of $9.3 million for FY23. This milestone, coupled with a noteworthy 64% increase in share price over the 12 months, surpassing the ASX300, underscored the corporate’s growing presence out there.
With a strong money balance of $57.9 million as of December 31, 2023, and no outstanding debt, DroneShield demonstrated financial resilience and stability. The corporate also boasts a contracted backlog of $30 million and a pipeline exceeding $510 million, indicative of its promising future prospects.
DroneShield’s strategic initiatives, including team expansion and facility upgrades, position the corporate for continued growth. With over 115 team members, including 90 engineers, and expanded facilities in Sydney, DroneShield is well-equipped to fulfill increasing demand and deliver on larger orders.
Furthermore, the worldwide landscape presents opportunities for DroneShield’s growth, with rising counter-drone, defense, and security spending worldwide. Ongoing conflicts, akin to the situation in Ukraine, highlight the critical need for effective counterdrone solutions, further fueling demand for DroneShield’s services.
Commenting on the corporate’s inclusion within the All Ordinaries Index, Oleg Vornik, CEO of DroneShield, expressed confidence in the corporate’s trajectory, stating, “This recent news of addition into the All Ordinaries Index is predicted to further highlight our story to plenty of institutional and retail shareholders, adding to the prevailing base of over 11,000 investors in DroneShield.”
DroneShield’s entry into the S&P/ASX All Ordinaries Index signifies a major milestone, reflecting the growing influence and market recognition of drones and counterdrone technology.
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