Business
Unaudited Half Year Results
Unaudited Half Year Results.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n\n25 June 2025\nVELOCITY COMPOSITES PLC\n(\"Velocity\", the \"Company\", the \"Group\")\n \nUnaudited Half Year Results for the six months ended 30 April 2025\n \nOn track to achieve profitability and be cash generative in H2 FY25\n \n \nVelocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace, is pleased to announce the Company's unaudited results for the six months ended 30 April 2025.\n \nFinancial Highlights: Results confirm prior trading update in May 2025\n \n\n\n\n\n●\n\n\nRevenue of £10.4m (2024: H1 £10.7m)\n\n\n\n\n●\n\n\nGross margin of 29.0% (2024: 22.5%)\n\n\n\n\n●\n\n\nAdjusted EBITDA of £0.3m (2024: £0.2m loss)\n\n\n\n\n●\n\n\nReduced loss before tax of £0.6m (2024: £1.1m loss)\n\n\n\n\n●\n\n\nCash at bank as at 30 April 2025 of £1.2m (30 April 2024: £1.8m)\n\n\n\n\n●\n\n\nNet cash of £0.4m (H1 FY24: £0.6m)\n\n\n\n\n●\n\n\nUK invoice discounting facility of £3m is undrawn (30 April 2024: undrawn)\n\n\n\n\n \nOperating Highlights:\n \n\n\n\n\n●\n\n\nRenewal of contract with leading UK defence contractor\n\n\n\n\n●\n\n\nSustained margin improvements with tight control of overheads and working capital\n\n\n\n\n●\n\n\nOliver (Olly) Smalley appointed as Chief Operations Officer\n\n\n\n\n●\n\n\nOngoing short-term supply chain disruptions have been closely managed with customers\n\n\n\n\n \nOutlook:\n \n\n\n\n\n●\n\n\nCompany expects to achieve positive adjusted EBITDA and be cash generative in H2 FY25 - in line with current market expectations\n\n\n\n\n●\n\n\nLimited impact from US tariffs, as all sales are made in the country of manufacture\n\n\n\n\n●\n\n\nThe Company is working on securing additional contracts and has focused efforts on the defence sector\n\n\n\n\n●\n\n\nSeparation and sale of Spirit Aerosystems into Airbus and Boeing businesses expected to complete in H2 FY25. Wider supply chain issues that have impacted A350 production ramp are expected to ease\n\n\n\n\n●\n\n\nAlthough market conditions are difficult to forecast, with short-term customer demand volatility, long-term demand continues to point to significant growth opportunities\n\n\n\n\n \nAndy Beaden, Chairman, Velocity, said: \"This is a solid set of results, on the back of significant growth in the past two years and difficult current market conditions....