Velocity Composites PLC New Business Award for European Manufacturer (4777R)
June 15 2018 - 1:00AM
UK Regulatory
TIDMVEL
RNS Number : 4777R
Velocity Composites PLC
15 June 2018
15 June 2018
VELOCITY COMPOSITES plc
("Velocity" or the "Company")
New Business Award for European Engine Manufacturer
Velocity Composites plc, the leading supplier of advanced
composite material kits, providing engineering value-solutions for
the global aerospace industry, is pleased to announce that it has
been notified of an award to supply its composite material kits to
a new customer based in continental Europe. The customer is a Tier
1 manufacturer of component parts for the Leading Edge Aviation
Propulsion ("LEAP") engines used on the latest generation of single
aisle aircraft including the Airbus A320 NEO and Boeing 737 Max
platforms.
Following receipt of this award manufacturing will now commence,
with the finalisation of the Long Term Agreement between the
parties, to be concluded shortly, which will run through to
December 2020. It is envisaged that work on LEAP engines under this
agreement could contribute up to $6m to Velocity's revenues over
this period.
Jon Bridges, Chief Executive Officer of Velocity said:
"This new business award on the largest and fastest growing
engine programme in the world is a significant win in its own
right. In addition, with the work being based in continental Europe
this further enhances Velocity's growth into this territory, and
will be a contributing programme for a new manufacturing site for
Velocity in mainland Europe in due course. Whilst the Company
determines the right time and location for this site to be
established, the composite material kits will be supplied from
Velocity's UK sites."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement via regulatory news service this inside information is
now considered to be in the public domain.
Ends
CONTACT DETAILS:
Velocity c/o Camarco
Jon Bridges, CEO Tel: 020 3757
Alan Kershaw, CFO 4980
finnCap (Nominated Adviser and Broker) Tel: 020 7220
Adrian Hargrave / Scott Mathieson / Kate Bannatyne 0500
(Corporate Finance)
Tim Redfern (ECM)
Camarco (Financial PR) Tel: 020 3757
Georgia Edmonds / Owen Roberts / James Crothers 4980
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite
material kits for the aerospace industry, delivering 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. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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