Post-Close Trading Update

RNS Number : 1586V

Velocity Composites PLC

01 November 2017

 

1 November 2017                                                                                                For immediate release

VELOCITY COMPOSITES plc

 POST-CLOSE TRADING UPDATE

Velocity Composites plc (the "Company"), the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today provides an update on trading for its financial year ended 31 October 2017.

Results reflect stronger trading in second half

The Company has seen continued growth at both its Burnley site, and its second site in Fareham, Hampshire which became operational in March 2017.  Key investments have been made in the period in the ongoing delivery and growth of the Company, including the hiring of a number of key senior personnel, who will further strengthen the team in delivering its expansion plans.

As anticipated, both revenue and underlying profit are in line with expectations and the Company looks forward to providing a full update when it publishes its preliminary year end results on 23 January 2018.

Ends

CONTACT DETAILS:

Velocity Jon Bridges, CEO Alan Kershaw, CFO	c/o Camarco Tel: [phone]
finnCap (Nominated Adviser and Broker) Adrian Hargrave / Scott Mathieson / Kate Bannatyne (Corporate Finance) Tim Redfern / Sultan Awan (Corporate Broking)	Tel: [phone]
Camarco (Financial PR) Georgia Edmonds / James Crothers	Tel: [phone]

About Velocity Composites

Velocity Composites is a manufacturer of composite material kits for the aerospace industry, delivering engineered kits for its customers to build component parts. The Company's clients include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Bell Boeing V22 Osprey are all constructed using parts manufactured from Velocity's kits. The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity Composites also exports to Denmark, France, and Belgium.

 

 

END

 

 

TSTLLFVRITLLVID