SYDNEY, AUSTRALIA: Adacel Technologies, a leading provider of air traffic management and simulation solutions, has announced its financial and operational results for the fiscal year 2023.
At the AGM, Adacel Technologies CEO, Daniel Verret, attributed the performance to the successful execution of its strategy, which focused on client engagement, product development and prudent allocation of company resources.
He also highlighted the achievements of the company’s head of business development, Michael Saunders, who delivered several new contracts and opportunities for the company.
Some of the notable contracts and milestones for the company in FY2023 include:
A new contract with Broward College in the USA to deliver virtual reality and mixed reality training for air traffic controllers, marking the first use of VR/MR for this purpose.
The launch of a remote tower system at Tartu Airport in Estonia, the first airfield in the country to have its aerodrome flight information services provided by Adacel’s REVAL product.
A new contract with Sky Warrior Flight Training to replace the US Army Enhanced Tower Simulator and Army Aviation Radar Training Support Services with Adacel’s MaxSim product.
The continued progress of Adacel’s Aurora product in Martinique, Seychelles and St. Lucia, where the company provides air traffic management solutions.
Verret also announced that the company has secured a major contract with the Federal Aviation Authority (FAA) in the USA, worth $59 million over five years, to provide hardware support and technical refresh for the FAA’s training facilities.
The contract, which will take effect from December 1, 2023, will require the hiring of approximately 50 field service representatives embedded within the FAA training facilities.
Verret said that the company’s pipeline for FY2024 is strong, with opportunities identified for its MaxSim, Aurora and REVAL products. He said that the company’s strategy for FY2024 is to provide best in class customer service to its existing and growing client base, to rapidly grow its remote tower business and to explore inorganic opportunities.
He also said that the company will operate with financial discipline that focuses on strategic growth and balanced capital management.
Verret expressed his optimism that the company’s strategy and leadership team will continue to deliver value to Adacel shareholders. He also thanked his fellow directors for their commitment and wisdom over the years.