Shares of XTEK saw an impressive uptrend, rising as much as 14.1% to A$0.365 - marking its biggest intraday percentage gain since May 22.

The defence industry company announced that it has won a new multi-year support contract from the Commonwealth of Australia’s Department of Defence.

Total contract value over the tenure of 10-years has the potential to exceed A$110 million ($69.95 million).

The new contract involves maintaining and sustaining a newly acquired mixed fleet of AeroVironment Small Unmanned Aerial Systems.

Today’s surge puts the stock at its highest level since September 4, even though it has fallen 47.5% year-to-date from its previous closing position.

XTEK is a defence industry company that deals with the Department of Defence.