DroneShield, the ASX-listed defence technology group, has reported a near quadrupling of revenue to $216.5 million, according to its latest accounts. The company, which develops anti-drone systems, is working to put its past governance issues behind it after a share price crash in November prompted by insider stock sales. DroneShield provides advanced solutions for drone detection and mitigation, protecting people, organisations, and infrastructure from drone threats.
The company’s CEO, Oleg Vornik, stated that the previous $70 million in share sales by directors did not reflect his views on the business, highlighting the strong sales growth reflected in the latest results. Shares in DroneShield jumped almost 12 per cent to $3.37 following the report. The company has implemented new governance procedures, including director training, minimum shareholding requirements, and a ‘front page test’ for trading to prevent perceptions of inappropriate trading.
The new trading policy requires directors to consider how their actions might be perceived if publicised, ensuring they do not appear to be taking advantage of their position. Vornik, who sold $49.5 million worth of shares to cover taxes and secure his financial future, expressed surprise at the market’s reaction. He is now focused on attracting more institutional investors to the company’s register, joining existing shareholder Fidelity, which owns a 7 per cent stake.
DroneShield aims to move beyond its image as solely a drone gun company, with Vornik emphasising its evolution into an integrated command and control business. The company’s technology extends beyond drone guns, which accounted for only about 20 per cent of its revenues last year. The company has also seen enthusiasm from German investors, especially due to DroneShield’s involvement in Ukraine.
