Velocity Composites’ 2020 Annual Report & Financial Statements

February 01 (2021

Velocity Composites plc has released its audited results for the year ended October 31, 2020 (“FY20”).

Highlights
• Revenue down at GBP 13.6m (FY19: GBP 24.3m) impacted by industry-wide effects of Covid-19
• Gross margin decreased to 17.1% for FY20 (FY19: 21.7%) due to provisions made for slow-moving stock reflecting significantly reduced demand on existing contracts
• Operating loss for FY20 of GBP 3.1m (FY19: Loss GBP 0.6m), after charging £0.3m (FY19: GBP 0.7m) of exceptional restructuring costs
• Adjusted EBITDA loss for FY20 of GBP 1.9 m (FY19: Profit GBP 0.8m) due to significant reduction in sales demand of existing contracts and time needed to right-size the business accordingly
• Cash at Bank at 31 October 2020 of GBP 3.3m (FY19: GBP 3.4m)
• Confirmed extension of existing GBP 2.0m Coronavirus Business Interruption Loan (CBIL) term extended from 2 to 6 years (post year-end)
• Appointment of Margaret Amos as an Independent Non-Executive Director and Chris Williams as Chief Financial Officer to the Velocity Board

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