VELOCITY COMPOSITES PLC (VEL) — Interim Results

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the VELOCITY COMPOSITES PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Please just simply type in your questions and press send. We begin, I'd like to submit the following poll, and I'd like to hand you over to John Bridges, CEO. Good morning, sir. Morning. Welcome, everyone. This is our half year presentation thirtieth of April twenty sixth. You've got myself and Rob, the CFO, as as normal, and we'll take you through the slide deck and pick up the questions afterwards. If I put take you through to the first slide, Rob, would you give us some color on the the headlines? Yes. Absolutely. Thank you, John. Good morning, everybody. So looking at our financial highlights, these are in line with the trading update that we gave about a month ago and indicate that revenue was $8,400,000 in the first half of FY 'twenty six compared with $10,400,000 in the first half of twenty twenty five. The reasons for the lower number twofold. One, we had one UK customer who rephased a number of their purchase orders to the second half of the year, which we are currently working on. And also we had a issue with a US supplier who supplied us material which was not up to standard and they had to recover that situation and are in process of getting us new material for the second half. So we expect to fully catch up the loss in the decline in the second half and we'll be back on track to hit our market expectation as far as revenue is concerned. Gross margin was 28% in the first half. This largely versus 29% in the first half of twenty twenty five. This was largely caused by running...