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Velocity Composites annual revenue falls slightly, margins improve

Wed, 13th Nov 2019

Advanced materials group Velocity Composites said its annual revenue had fallen slightly, though its margins had improved. In a trading update, the company said revenue for the year through October had edged back to around £24.2m, down from £24.5m on-year. Gross margin had improved compared to the 20.9% recorded in the first half and 18.3% recorded for the 2018 financial year. 'Revenues are stable and we are already achieving some gains in operating efficiencies and therefore margin improvement,' chairman Andy Beaden said. 'There is much further to go in this direction, and we will be able to report further progress through 2020 and beyond.' At 9:21am: (LON:VEL) Velocity Composites Plc share price was 0p at 27.5p Story provided by StockMarketWire.com

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