Velocity Composites PLC Post-Close Trading Update (1586V)
01 November 2017 - 6:00PM
UK Regulatory
TIDMVEL
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 c/o Camarco
Jon Bridges, CEO Tel: 020
Alan Kershaw, CFO 3757 4980
Tel: 020
finnCap (Nominated Adviser and Broker) 7220 0500
Adrian Hargrave / Scott Mathieson
/ Kate Bannatyne (Corporate Finance)
Tim Redfern / Sultan Awan (Corporate
Broking)
Camarco (Financial PR) Tel: 020
Georgia Edmonds / James Crothers 3757 4980
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLLFVRITLLVID
(END) Dow Jones Newswires
November 01, 2017 03:00 ET (07:00 GMT)
Velocity Composites (LSE:VEL)
Historical Stock Chart
From Apr 2024 to May 2024
Velocity Composites (LSE:VEL)
Historical Stock Chart
From May 2023 to May 2024