More than 70% Rise Recorded by Quickstep Holdings Shares

Quickstep Holdings

In a new development which delighted investors and shareholders manifolds, the shares of Perth based aerospace and defense giant Quickstep Holdings recorded a whopping rise of over 70% in the morning trading. The surge is being viewed as a direct result of the company's fighter jet contract that could result in earnings as huge as $700 Million.

The company has confirmed that it has signed an agreement with top ranked Lockheed Martin and Northrop Grumman Systems to bag potential contracts for the upcoming F-35 Joint Strike Fighter. The jets are currently being manufactured in the US for a grand global unveiling.

The Federal Government, according to Quickstep, is now planning on acquiring as many as 100 of these advanced machines. The firm is expecting to finalize the deal by March 2012. The new fighter jets, reportedly, have a life of around 20-30 years and could generate as much as $50 Million worth of annual turnover by 2015.

Post the announcement, Quickstep's shares rose to as much as 65 cents a share, finally settling at 53 cents, which is also higher than its earlier per share price. As per facts shared by the company, the finalization of the fighter jets deal will create nearly 156 high-end employment opportunities and as many as 620 support industry jobs.