XTEK on track to $1m savings in FY11

Homeland security technology developer XTEK (ASX:XTE) has revealed it is on track to achieve a $1 million reduction in recurring expenses in FY11.

The company said a change program had now been implemented throughout the company, and is progressing well.

A new business system to help manage accounts, inventory management and job quoting is being implemented to support this program, and will go live on 8 November.

The company meanwhile revealed it had traded three million shares at $0.034 in an off-market share transaction.

XTE shares are currently unchanged at $0.033.