Business
Final Results for the year ended 31 October 2019
Final Results for the year ended 31 October 2019.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n \nRNS Number : 0713B Velocity Composites PLC 28 January 2020 \n\n28 January 2020\n \nVELOCITY COMPOSITES PLC\n(\"Velocity\", the \"Company\" or the \"Group\")\n \nAUDITED FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2019\n \nVelocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, is pleased to report its audited results for the year ended 31 October 2019 (\"FY19\").\n \nHighlights\n \n\n\n\n·\n\n\nRevenue stable at £24.3m (FY18: £24.5m)\n\n\n\n\n·\n\n\nGross margin improved significantly to 21.7% for FY19 (FY18: 18.3%) through continued operational focus\n\n\n\n\n·\n\n\nOperating loss for FY19 of £0.6m (FY18: Loss £1.1m), after charging £0.7m of exceptional administrative expenses\n\n\n\n\n·\n\n\nAdjusted EBITDA* for FY19 of £0.6m (FY18: Loss £0.2m) achieved through improvement in gross margin combined with cost management\n\n\n\n\n·\n\n\nLoss per ordinary share (Basic) of 1.77p (FY18: Loss 2.78p)\n\n\n\n\n·\n\n\nCash at Bank at 31 October 2019 of £3.4m (FY18: £4.7m and £4.1m after invoice discounting) including £1.6m of EIS funds earmarked for investment in new production facilities in the USA and Europe and the Group's new R&D centre\n\n\n\n\n·\n\n\nLong Term Agreement extension agreed with largest customer to provide composite material kits across the Airbus range of aircraft and regional business jets\n\n\n\n\n·\n\n\nBoeing approval to produce structural composite kits for its single aisle narrow body jet platform and extension to Long Term Agreement\n\n\n\n\n·\n\n\nAppointment of Andy Beaden as Chairman and Rob Soen as an Independent Non-Executive Director\n\n\n\n\n·\n\n\nReappointment of Jon Bridges, founder and Chief Executive Officer, to the Velocity Board\n\n\n\n \n*Adjusted Earnings before Interest, Tax, Depreciation and Amortisation (\"EBITDA\") adjusted for exceptional administrative costs and share based payment charges.\n \nAndy Beaden, Chairman of Velocity, said:\n \n\"I am pleased to report our results for the year ended 31 October 2019 with stable revenues at £24.3m, a significant improvement in operational performance, and a cash at Bank balance of £3.4m. My first months at Velocity have more than confirmed this is an exciting and ambitious business with talented staff who are focused on creating ...