TIDMVEL

RNS Number : 3733O

Velocity Composites PLC

09 June 2022

09 June 2022

Velocity Composites plc

("Velocity" or the "Company")

Directorate Change

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market and other high-performance manufacturers, is delighted to announce the appointment of Dr David Bailey FRAeS as an independent non-executive director, with immediate effect.

David is an experienced executive with extensive management and technical expertise developed across the aerospace and power generation industries. He has contributed to the strategic direction of the UK's aerospace industry and cross-sector composites sector as a Board member of the Aerospace Growth Partnership and Composites Leadership Forum. He is a renowned aerospace supply chain specialist and has worked with the senior management teams of over 100 aerospace and defence suppliers.

Since February 2020, David has been the CEO of Composites UK, the trade association for the UK composites industry with over 360 member companies. David formed Aerospace Consulting Limited in February 2020 to specialise in developing and delivering high-level consultancy projects in the aerospace industry. Prior to establishing Aerospace Consulting, David was Chief Executive of the North West Aerospace Alliance (NWAA), the regional trade association for the aerospace and defence industry in the North West of England between 2011 and 2020. The NWAA is one of the largest aerospace clusters in the world, representing over 240 aerospace member companies (including organisations such as Airbus, BAE Systems, Brookhouse Aerospace, MBDA Missile Systems, Rolls-Royce, Safran, Senior Aerospace and Teledyne CML Composites).

Dr Bailey has a PhD in Gas Turbine Aerodynamics and an Aeronautical Engineering degree both from Loughborough University. David was made a Fellow of the Royal Aeronautical Society for services to the North West's Aerospace Industry in 2017.

Andy Beaden, Chairman of Velocity, said: "David brings to Velocity considerable experience and understanding of aerospace industry supply chains and the composites sector. We are delighted that we have attracted such a high calibre candidate to join the Board, endorsing the exciting future the Company has."

In addition to his appointment to the Velocity Board, Dr David Warren Bailey, aged 53, has held the following directorships and/or partnerships in the past five years:

 
 Current Directorships/Partnerships   Past Directorships/Partnerships 
 Aerospace Consulting Limited         North West Aerospace Alliance

Dr Bailey does not hold any ordinary shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Enquiries:

 
 Velocity Composites plc 
  Andy Beaden, Chairman 
  Jon Bridges, Chief Executive Officer 
  Chris Williams, Finance Director        +44 (0) 1282 577577 
 
   Cenkos Securities plc 
   Nominated Adviser and Broker 
   Katy Birkin 
   Ben Jeynes 
   George Lawson                            +44 (0) 20 7397 4000 
 SEC Newgate                              +44 (0)7540 106 366 
  Financial PR                             velocitycomposites@secnewgate.co.uk 
  Robin Tozer / Richard Bicknell

About Velocity Composites

Based in Burnley, UK, Velocity Composites is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability. Customers include Airbus, Boeing, and GKN.

By using Velocity's proprietary technology, manufacturers can also free up internal resources to focus on their core business. Velocity has significant potential for expansion, both in the UK and abroad, including into new market areas, such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.

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June 09, 2022 10:31 ET (14:31 GMT)

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