9th Jul 2024 13:27
(Alliance News) - Velocity Composites PLC shares edged higher on Tuesday, after its interim revenue spiked and loss narrowed.
Velocity Composites is a Burnley, England-based supplier of composite material kits to aerospace and other high-performance manufacturers. Its shares were up 4.7% to 39.79 pence each in London on Tuesday.
Revenue in the six months ended April 30 jumped 54% to GBP10.7 million from GBP7.0 million a year earlier.
Its pretax loss narrowed to GBP1.1 million from GBP1.4 million.
Looking ahead, Velocity Composites said it is confident that its full year results will meet market expectations.
Chair Andy Beaden said: "The successful onboarding process of our first US customer, and increasing global production rates in the aerospace industry mean that we are on track to be profitable and cash generative in the second half."
By Sophie Rose, Alliance News senior reporter
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