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 .
- 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.