Velocity Composites PLC - Burnley, England-based supplier of composite material kits to aerospace and other high-performance manufacturers, with the kits aiming to reduce all forms of waste from the composites supply chain - Posts revenue of £7.0 million for six months ended on April 30, up 19% from £5.9 million the year before. Pretax loss widens to £1.4 million from £710,000, as operating loss widens to £1.3 million from £626,000 the year before. Administrative expenses increase to £2.8 million from £2.0 million. Looking ahead, expects to remain on track to achieve profitability in financial 2024.

Chair Andy Beaden says: ‘Velocity is making excellent progress. Aerospace volumes continue to recover, and our US facility has started to manufacture production kits for GKN. While our initial investment in the facility has led to an [earnings before interest, tax, depreciation and amortization] loss in the first half of the year, once the new business is at full production during 2024, we expect to move into Ebitda and positive [profit before tax].’

Current stock price: 49.00 pence each, up 1.05 on Tuesday morning in London

12-month change: up significantly from 19.00 pence on the same date a year earlier

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