Velocity Composites Plc (GB:VEL) has released an update.
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Velocity Composites Plc reported a significant revenue increase of 53.9% to £10.7m in the first half of 2024, driven by strong US sales and progress in their aerospace composites business. The company anticipates profitability and cash generation in the second half of FY24, backed by contracted revenues and a positive outlook from increasing global aerospace production rates. With a confident board and a pipeline of potential contracts worth £200m, Velocity is well-positioned for future growth in both existing and new market areas.
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