REG - Velocity Composites - Directorate Change

Velocity CompositesAnnouncement

11/10/2022 07:16

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RNS Number : 4043C  Velocity Composites PLC  11 October 2022

11 October 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 aerospace to aerospace and high-performance
manufacturers, announces that Rob Soen, Non-executive Director, will be
stepping down from the Board on 31 October 2022, to focus on his other
business interests.

 

Mr Soen will continue to act as an advisor, helping with Velocity's commercial
and supply chain strategy as the Company grows. Annette Rothwell,
Non-executive Director, will replace Rob as Chair of the Remuneration
Committee. Furthermore, David Bailey will become Chair of the newly created
Sustainability Committee to support the Company's work in helping customers
meet their global ESG targets.

 

Andy Beaden, Chairman, Velocity, said: "The Board would like to thank Rob for
his significant contribution over the last three years, especially his support
during the pandemic.  Rob's knowledge of the aerospace industry and his
supply chain experience has helped pivot Velocity from a pure manufacturing
business to a technology-led composite supply chain services business. In his
new advisory role, he will focus on increasing opportunities for Velocity with
global Tier One Aerospace manufacturers.

 

"We have strengthened our Board in recent months with the appointment of
Annette Rothwell and David Bailey. They have already provided a significant
contribution towards the next steps of our growth and will each lead on key
areas of oversight and development, including sustainability, which is of
growing importance to our customers.

 

"The business is in a strong position. Velocity has continued to trade as
expected in 2022. We are progressing well with expansion opportunities. The
Company plans to announce a trading update in relation to the year ended 31
October 2022 in December 2022."

 

Enquiries:

 

 Velocity Composites plc                +44 (0) 1282 577577

 Andy Beaden, Chairman

 Jon Bridges, Chief Executive Officer

 Cenkos Securities plc                  +44 (0) 20 7397 4000

 Nominated Adviser and Broker

 Katy Birkin

 Ben Jeynes

 SEC Newgate                            +44 (0)7540 106 366

 Financial PR                           velocity@secnewgate.co.uk

 Robin Tozer / Richard Bicknell

 

 

 

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