A high-tech Burnley company which supplies parts to the aerospace industry has reported growing revenues on a monthly basis.
Velocity Composites, based at AMS Technology Park, Billington Road, reported revenue for the half year to April 30th this year to be over £11m., a 20% increase on the same period last year.
The company has seen a further increase to approximately £13m. of revenue contracted for the remainder of this current financial year (provided there are no further fluctuations in demand signals from customers) with further revenues agreed in principle of approximately £4m.
Jon Bridges, chief executive of Velocity Composites, said: “The first half of the current financial year has seen continued trading momentum.
"While it is frustrating that certain contracts have taken longer to close than envisaged by both Velocity and our customer, with the resultant reduced impact on expected revenues for this year, we continue to demonstrate that our customers can make significant savings and that we help to improve build rates.
"We remain wholly confident that this remains a timing issue rather than anything more fundamental.
"Our customers appreciate our efforts to help them to reduce costs and the company has made substantial progress and is now producing kits with a value of over £2m. per month, up from just over £1m. per month 18 months ago, with both visibility and confidence that this value will increase substantially alongside continued improvements in our gross margins."
Velocity Composites plc is a leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry.