REG - Velocity Composites - Directorate Change

Velocity CompositesAnnouncement

09/06/2022 15:45

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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                +44 (0) 1282 577577

 Andy Beaden, Chairman

 Jon Bridges, Chief Executive Officer

 Chris Williams, Finance Director

 Cenkos Securities plc                  +44 (0) 20 7397 4000

 Nominated Adviser and Broker

 Katy Birkin

 Ben Jeynes

 George Lawson

 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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