VELOCITY COMPOSITES PLC

Regulatory Filings • Jul 26, 2019

National Storage Mechanism | Additional information

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RNS Number : 7907G

Velocity Composites PLC

26 July 2019

26 July 2019

Velocity Composites plc

("Velocity" or the "Company")

Change of Adviser

Velocity, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, announces that Cenkos Securities plc has been appointed as the Company's nominated adviser and broker with immediate effect.

Enquiries:

Velocity Composites plc Andrew Beaden, Chairman	Tel: 01282577577 andy.beaden@velocity-composites.com
Cenkos Securities plc (Nominated Adviser and Broker) Russell Cook Ben Jeynes	Tel: 020 7397 4000
Camarco (Financial PR) Ed Gascoigne Pees Georgia Edmonds James Crothers	Tel: 020 3757 4980

About Velocity Composites plc

Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry disrupting the composites supply chain to deliver engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity's kits.

In addition, the Company has entered into a partnership with Wesco Aircraft Holdings, Inc., the world's leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, pursuant to which Velocity Composites will support the expansion of Wesco's product offering into composite management services. This service offering, Wesco Composite Management Services, will initially be introduced in North America, and will utilise Wesco's leading supply chain management expertise and Velocity's innovative composite nesting, kitting and waste reduction services.  

The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity's services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK and Continental Europe.

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