VELOCITY COMPOSITES PLC (VEL) — Results for the twelve months to 31 October 2023

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. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Andy Bedin, Non Executive Chairman. Good morning, sir. Good morning, everyone. Thank you for joining us at our twenty twenty three results conference. And today, we'll be looking back on the 2023 and the highlights. And then we'll also be looking forward for 2024 and giving a very detailed update of our new facility in The U. S. And how that is going. So back to 2023, we achieved 37% growth predominantly through The UK with a little bit of The US benefit coming through. You'll see that for 2024, it's more US growth than UK, but both those market sectors are showing underlying growth as well as the benefits of new business that's already been won. We've covered before about the our new facility in The U. S. And new contracts, and we're going to go John is going to do a deep dive on where we are on that, particularly the regulatory side, approval side. You will have picked up that we have adjusted and shifted some of our forecasts for 2425 simply is around the timing of some regulatory approvals. It actually has no impact on profitability because we have won some other engineering business and our costs flow with the size of the business. So ...