2019 Interim Results, half year ended 30 April 2019

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2019 Interim Results, half year ended 30 April 2019

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announces its unaudited interim results for the six months ending 30 April 2019 .

Highlights:

  • Revenue increased 5.3% to £12.2m (H1 FY18: £11.6m)
  • Significant improvement in Gross Margin (GM%), increasing to 20.9% (H1 FY18: 15.2%), and at the upper end of GM% achieved in H2 FY18 (21.1%)
  • Gross profit increased as a result by 45% to £2.6m (H1 FY18: £1.8m)
  • Adjusted profit1 of £0.3m (H1 FY18: loss £0.5m), reflects GM% gains and reductions in overheads delivered in H2 FY18 offset by continued investment aimed at delivering international growth
  • Cash remains strong with net cash of £4.2m (Oct FY18: £4.1m) which comprises gross cash of £4.37m of which £1.8m is earmarked for EIS/VCT qualifying expenditure and is deemed to be ‘employed’ for those purposes in accordance with the relevant regulations
  • The recertification of Nadcap Special Process accreditation for both UK sites with zero audit findings.

Read the full results in our Reports & Presentations section.

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Our contact for all media enquiries relating to Velocity Composites is Ed Gascoigne-Pees or Georgia Edmonds at Camarco.

  • +44 (0) 203 757 4980