Velocity Composites Plc (GB:VEL) has released an update.
Velocity Composites Plc reports a strong first half of FY24 with revenue up to £10.7m, a reduced EBITDA loss, and positive net cash, attributing success to the growing demand for composites in aerospace. The company is poised for further growth with a £200m qualified pipeline and major contracts in the US, including a £79m deal, expecting to boost H2 revenues and profitability. Despite challenges in the US aerospace sector, notably with Boeing, Velocity’s diverse contract portfolio and progress in FAI approvals maintain a positive outlook for FY24 and FY25.
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