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Quickstep Holdings has informed the ASX that it intends to slash its local workforce as demand for F-35 components slows, with those impacted to be consulted “in due course”.
According to the filing, the company will reduce headcount in its direct production and operational support units by 20 per cent each. Meanwhile, the aerospace composite business is also expected to reduce staff within its corporate support teams by 35 per cent.
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The engineering development and services business units will not be impacted by the announcement.
ASX filings revealed that the restructure will save the ASX-listed company $5 million in annualised costs.
According to filings, impacted staff members have yet to be notified.
The announcement comes days after the company told the market it hoped to maintain “consistent” margins despite the reduced demand for F-35 parts.
“In line with customer requirements, overall demand for F-35 components will be circa 8 per cent lower than average demand over the FY23/FY24 period,” a statement from the company read.
“However, Quickstep’s streamlined operating model aims to ensure program margins remain consistent despite this lower demand.”
In March, the company announced it was developing 40 Volanti airframes and delivering associated non-recurring engineering services to drone provider Carbonix. The $1.35 million order is scheduled for completion on 30 June.
