Quickstep Holdings to Divest Aerospace Maintenance and Repair Unit

MT Newswires Live08-20

Quickstep Holdings (ASX:QHL) is planning to sell all or a majority share of Quickstep Aerospace Services to curb the losses incurred by its Victoria-based maintenance, repair, and overhaul unit, according to a Tuesday filing with the Australian bourse.

The divestment was due to slower-than-anticipated growth in the domestic commercial and defense sectors, resulting in operating losses and negative cashflow that topped what was projected for the said unit, the filing stated.

Given the current trading conditions in the Australian aviation market and investment constraints, the parent company said it is "impractical" to continue investing in the loss-making business.

Quickstep Aerospace Services will be identified as discontinued operations in the company's FY24 Appendix 4E and Annual Report to be released in the coming weeks.

Quickstep Holdings did not disclose any potential buyers in the filing.

Price (AUD): $0.32, Change: $-0.010, Percent Change: -3.03%

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