Velocity Composites plc today announces its unaudited interim results for the six months ending 30 April 2019.
Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announces its unaudited interim results for the six months ending 30 April 2019 .
Highlights:
- Revenue increased 5.3% to £12.2m (H1 FY18: £11.6m)
- Significant improvement in Gross Margin (GM%), increasing to 20.9% (H1 FY18: 15.2%), and at the upper end of GM% achieved in H2 FY18 (21.1%)
- Gross profit increased as a result by 45% to £2.6m (H1 FY18: £1.8m)
- Adjusted profit1 of £0.3m (H1 FY18: loss £0.5m), reflects GM% gains and reductions in overheads delivered in H2 FY18 offset by continued investment aimed at delivering international growth
- Cash remains strong with net cash of £4.2m (Oct FY18: £4.1m) which comprises gross cash of £4.37m of which £1.8m is earmarked for EIS/VCT qualifying expenditure and is deemed to be ‘employed’ for those purposes in accordance with the relevant regulations
- The recertification of Nadcap Special Process accreditation for both UK sites with zero audit findings.
Read the full results in our Reports & Presentations section.
