Revenues have jumped by a half at Burnley-headquartered aerospace products manufacturer Velocity Composites in the AIM-listed company’s maiden set of full-year results since floating.
Velocity has grown revenues by 46 per cent to £21.4m for the year ending 31 October 2017. The business reported second-half revenues of £12.1m after achieving £9.3m of revenues in the first half.
Velocity also posted underlying operating profits of £0.9m, up from £0.3m, a year earlier, which it said was in line with expectations. And underlying EBITDA increased to £1.1m in 2016/17 from £0.6m in 2015/16.
The Lancashire-based company opened its second site at Fareham in Hampshire in March 2017 before completing its float on AIM in May 2017, raising £10.4m before expenses. The business also reported that it is “at detailed planning stage” for its next site in Europe.
Jon Bridges, chief executive of Velocity, said: “2017 was a truly transformational year for the business, including our IPO [initial public offering] on AIM. Since the IPO, we have accelerated our growth, resulting in a 30 per cent increase in half-on-half revenues and we expect rapid growth to continue in the new financial year.
“Our IPO has increased our profile and status significantly within the aerospace community and we have received request for quotations by a range of large, global potential customers ahead of our anticipated timetable. Given the strong underlying performance and growth in our UK and European business, we have decided that it is the right time to invest in accelerating our growth in other regions alongside our European expansion plans, which will allow us to create a larger international business, faster.
“We look forward to the year ahead and beyond with confidence, underpinned by our strong visibility on revenues and detailed planning discussions with respect to a new facility in Europe. We look forward to updating investors in respect of our operations and corporate development in the coming months, as we address the global market opportunity available to us.”
Velocity manufactures advanced carbon fibre and ancillary material kits for use in the production of aircraft.