Velocity Composites delivers first post-pandemic positive adjusted EBITDA performance
By Iain Gilbert
Date: Thursday 12 Dec 2024
(Sharecast News) - Composite material kits supplier Velocity Composites said on Thursday that it delivered a positive adjusted underlying earnings performance for the first time since the Covid-19 pandemic in the 12 months ended 31 October.
Velocity Composites said revenues had surged 40% to £23.0m, driven by growing US sales, which improved from £2.0m to £7.9m and were expected to continue to grow as production ramps up at its Alabama facility.
As a result, adjusted underlying earnings came to £400,000 - a marked improvement on the prior year's £1.6m loss.
The AIM-listed company also said it expects to see further revenue growth in FY25 and into the future and also noted that it would be retaining a focus on operating efficiency and service delivery excellence.
Chief executive Jon Bridges said: "This has been another year of double-digit growth for Velocity. We have weathered the production challenges facing the global aerospace industry, and we are entering 2025 in a healthy position to support customers as they look to ramp up production. The migration to composite materials in newer aircraft models continues, as OEM's focus on improved sustainability, as well as an expected increase in Western defence expenditure, creates more opportunities for Velocity."
As of 1045 GMT, Velocity shares had shot up 10.79% to 23.82p.
Reporting by Iain Gilbert at Sharecast.com
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