Business
Contract Renewal
Contract Renewal.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n \nRNS Number : 3556Z Velocity Composites PLC 09 January 2020 \n\nThe following amendment has been made to the announcement released on 9 January 2020 at 2.47pm under RNS No 3475Z\n \nThe Company results to be published on 28 January 2020 are for the year to 31 October 2019 rather than 2018.\n \nAll other details remain unchanged.\n \n \n \n9 January 2020\n \nVELOCITY COMPOSITES PLC\n(\"Velocity Composites\" or the \"Company\")\n \nContract Renewal\n \nVelocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market is pleased to announce that it has agreed in principle the terms for a renewal to the current Long-Term Supply Agreement with an existing UK supplier to a number of major OEMs and Tier 1 aircraft manufacturers. The Long-Term Supply Agreement provided specifically for the period to the end of December 2019, and the Company has received, and is continuing to process, purchase orders together with the customer's communicated demand for 2020 placed under this original Long-Term Supply Agreement, to ensure the customer has continuity of supply whist the minor contractual details are finalised. The Board anticipates that the formal renewal to the Long-Term Supply Agreement will be signed in the next few weeks.\n \nThe customer's scheduled demand generated revenue of approximately £9M in the last financial year and the Company anticipates that such revenues shall be maintained at a similar level for 2020. The aircraft platforms concerned are the Airbus A320, A330, A380 and other regional business jets, together with the supply on any future programmes which this customer might win.\n \nVelocity has provided the customer with a full clean-room service for a number of years together with support in managing changes in component production programmes across their portfolio, which will continue under the terms of the existing agreement and proposed contract renewal. \n \nThe Company also announces that it will be announcing its preliminary results for the year ended 31 October 2019 on 28 January 2020.\n \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.\n \nEnquiries:\n \n\n\n\nVelocity Composites plc\nAndrew Beade...