Velocity Composites Signs Contract Extension

February 08 (2021

Velocity Composites has signed a five-year contract extension with an existing global Tier 1 customer in the aerospace industry (the “Contract”).

The contract term is retroactively valid from 1st January 2021 until 31st December 2025 and sets out the work packages of business to be managed between the Customer and Velocity over the same period. The Contract includes a fully managed material and kitting service for one of the Customer’s main UK sites manufacturing primary structures for the A350 aircraft platform, at a total annual value to Velocity of approximately GBP 1.3 million, based upon the latest COVID-19 impacted build rate guidance provided by the Customer. This will support management forecast for the current year and will continue as a major contributor to revenues through to 2025.

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