9th Jan 2020 17:20
(Alliance News) - Velocity Composites PLC on Thursday said it has secured a contract renewal from an existing UK supplier to process and purchase orders to Tier 1 aircraft manufacturers.
The aerospace engineering firm says the customer generated revenue of around GBP9 million in the financial year ended October 31, 2018, and it expects a similar amount of revenue from the unnamed customer in financial 2020.
The contract renewal is expected to be finalised in the coming weeks.
Velocity will be posting its results for the year ended October 31, 2019, on January 28.
Shares in the company closed 21% higher at 43.50 pence per share on Thursday in London.
By Ife Taiwo; [email protected]
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