Velocity Composites PLC Pre-Close Trading Update (1916T)
13 Novembre 2019 - 8:01AM
UK Regulatory
TIDMVEL
RNS Number : 1916T
Velocity Composites PLC
13 November 2019
13 November 2019
VELOCITY COMPOSITES PLC
("Velocity Composites" or the "Company")
Pre-Close Trading Update
Velocity Composites plc (AIM: VEL.L), the leading supplier of
advanced composite material kits to the aerospace market, provides
an update on its trading performance for the year to 31 October
2019 ahead of release of its preliminary results statement in
January 2020.
Financial
- Revenue for the year approximately GBP24.2m (FY 2018:
GBP24.5m)
- Gross margin improvement over FY 2018 (18.3%) and H1 2019
(20.9%)
- Results for the year to October 2019 are expected to be in
line with market expectations
- Net cash (before finance leases) GBP3.4m as at 31 October
2019
Operational
- New integrated business plan now being implemented with
target-based incentivised remuneration for all staff
- Renewed focus on operational excellence, margin improvements
and return on capital
- Expanding pipeline of global opportunities for existing and
new Tier 1 customers
- First US facility targeted to be operational in 2020 and now
working on bids with several major customers to support launch
- Developing a new investment model to be applied at new sites
across US and Europe, requiring limited capital to maximise ROCE
and generate further margin improvements
- New Board structure with effect from July 2019 with Jon
Bridges reappointed as CEO. Andy Beaden and Rob Soen appointed as
NEDs, bringing significant industry experience. Search process
underway for additional board members for an independent audit
chair and permanent CFO.
Andy Beaden, Velocity Composites Chairman, commented:
"Since joining the Board three months ago I have been impressed
by the drive, dynamism and professionalism of the management and
staff throughout the Company.
The Company is focused upon supporting and developing its key
customer relationships, while at the same time capturing specific,
targeted market opportunities within the UK, but more specifically
involving our partners in Europe and across North America.
Revenues are stable and we are already achieving some gains in
operating efficiencies and therefore margin improvement. There is
much further to go in this direction, and we will be able to report
further progress through 2020 and beyond. The prospects for
Velocity Composites are very exciting."
The Company will be meeting with certain institutional
shareholders over the coming days. A copy of the investor
presentation prepared for these meetings will be available for all
investors on the company's website
https://www.velocity-composites.com/
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Velocity Composites plc Tel: 01282577577
Andrew Beaden, Chairman
Jon Bridges, CEO
Cenkos Securities plc Tel: 020 7397 4000
(Nominated Adviser and Broker)
Russell Cook
Ben Jeynes
Camarco Tel: 020 3757 4980
(Financial PR)
Ed Gascoigne Pees
James Crothers
About Velocity Composites
Velocity Composites manufactures advanced carbon fibre and
ancillary material kits for use in the production of aircraft. The
Company uses its process knowledge, business processes and
proprietary software to reduce the amount of material required by
its customers and also reduce the associated material waste when
making aircraft parts. In turn, this reduces the aircraft
manufacturer's costs, with the kits delivered on time and in the
required form to allow its customers to more readily meet the
significant increases in build rates.
The Company trades under the name "Velocity Composites".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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