Velocity Composites losses narrow as margins improve

Tue, 28th Jan 2020

Advanced materials supplier to the aerospace market Velocity Composites posted a full-year loss, after exceptional charges offset an improvement in margins. Pre-tax losses for the year through October amounted to £0.65m, compared to losses of £1.21m on-year. Revenue edged back to £24.3m, from £24.5m, though the company's gross margin improved to 21.7%, from 18.3%, 'through continued operational focus'. Exceptional administrative expenses of £0.7m included costs related to the resignations of the previous chairman and non-executive directors and settlement of a dispute with founder shareholders. At 9:26am: (LON:VEL) Velocity Composites Plc share price was +1p at 42p Story provided by StockMarketWire.com

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