UK's Velocity Composites gains on upbeat annual results

Velocity Composites

29/01/2025 09:08

** Shares of aerospace composite material kits supplier
Velocity Composites  VELV.L  rise 12% to 32 pence
** VELV posts FY24 total rev up 40% to 23 mln pounds ($28.60
mln)
    ** FY adj EBITDA jumps to 0.4 mln pounds vs loss of 1.6 mln
pounds in FY23
    ** US FY rev quadrupled to 7.9 mln pounds vs 2 mln pounds in
FY23 as production ramps up at US facility
    ** Sees A350 programme production rates to increase
significantly as original equipment manufacturer (OEM) strives
to fulfil order backlog
    ** Co says it is building on relationships and developing
business case with defence OEMs in Europe & the US
    ** Board expects further rev growth in FY25 and into future,
says CEO Jon Bridges
    ** Stock fell ~26% in 2024
     
     
     
    ($1 = 0.8042 pounds)

(Reporting by Ankita Bora in Bengaluru)
((mailto:Ankita.Bora@thomsonreuters.com))