Burnley based Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, has announced revenue growth up 46% to £21.4m, for the financial year ending 31 October, following its maiden year as a Plc.
The boost in revenue comes as a result of Velocity’s significant increase in contract wins and the success of the new Fareham facility. Global growth, with customer requests from the Americas and Asia, saw the first half of the financial year attain revenues of £9.3m, whilst in the second half of the financial year, Velocity revenues rose by 30% to £12.1m.
Jon Bridges, Chief Executive Officer, Velocity, commented: “2017 was a truly transformational year for the business, including our IPO (Initial Public Offering) on AIM (Alternative Investment Market). Since the IPO, we have accelerated our growth, resulting in a 30% increase in half on half revenues and we expect rapid growth to continue in the new financial year.
“Our IPO has increased our profile and status significantly within the aerospace community and we have received Request for Quotations (“RFQs”) by a range of large, global potential customers, ahead of our anticipated timetable. Given the strong underlying performance and growth in our UK and European business, we have decided that it is the right time to invest in accelerating our growth in other regions, alongside our European expansion plans, which will allow us to create a larger international business, faster.
“We look forward to the year ahead and beyond with confidence, underpinned by our strong visibility on revenues and detailed planning discussions with respect to a new facility in Europe. We look forward to updating investors in respect of our operations and corporate development in the coming months, as we address the global market opportunity available to us.”
