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Velocity Composites Plc ( (GB:VEL) ) has shared an update.
Velocity Composites reported a significant 40% increase in revenue to £23 million for the year ending October 2024, driven by a quadrupling of US sales. The company achieved positive adjusted EBITDA, marking a strategic turnaround with improved gross margins and cash position. Looking forward, Velocity expects continued growth supported by increased production rates in aerospace and new opportunities in defense and alternative markets. The company is well-positioned to benefit from rising demand for composite materials and is focused on sustainability and operational efficiency, with expectations for sustained profitability.
More about Velocity Composites Plc
Velocity Composites Plc, based in Burnley, UK, is a leading supplier of composite material kits primarily to the aerospace industry. These kits help reduce costs and improve sustainability for clients like BAE Systems, Safran Nacelles, and GKN, which supply major OEMs such as Airbus and Boeing. Velocity’s proprietary technology aids manufacturers in focusing on core business by streamlining resources and has potential expansion into markets like wind energy and electric vehicles.
YTD Price Performance: 7.41%
Average Trading Volume: 104,986
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £15.39M
Find detailed analytics on VEL stock on TipRanks’ Stock Analysis page.
