TIDMVEL

RNS Number : 0791V

Velocity Composites PLC

04 August 2020

4 August 2020

VELOCITY COMPOSITES PLC

(the "Company")

Board appointment

Change of Company Secretary

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, is pleased to announce the appointment of Chris Williams as Group Finance Director with effect from today. Andrew Hebb, who has been the Company's Interim Finance Director and Company Secretary since January 2019, will remain available to provide an orderly hand over.

Chris brings a broad range of experience, most recently in the position of Finance and Commercial Director at Bettys Café Tea Rooms, part of the Bettys & Taylors Group Ltd, which also owns and operates Yorkshire Tea and Taylors of Harrogate coffee. Previously he has held strategic and divisional finance roles at the engineering group Caparo Industries plc, Shazans the food company and 2 Sisters Food Group, where he worked closely with its Directors on new business starts and growth initiatives.

After achieving his Masters Degree from Birmingham University with an MSci (Physics), Chris qualified as a Chartered Accountant with KPMG in 2010, and then remained with KPMG as a Management Consultant, specialising in Corporate Finance and M&A work. Chris has no interests in the Company's issued share capital.

The Company also announces that Adam Newton, Velocity's Group Financial Controller, has been promoted to Company Secretary. Adam is a Certified Accountant, who joined Velocity shortly before the Company's IPO, gaining a strong knowledge of the business and is a key member of the management team.

Andy Beaden, Chairman, commented:

"The Board is pleased to make these announcements which is another key step in the building of the new dynamic management team, with a broader spread of skills to drive growth.

"We are grateful for Andrew Hebb's support as a seasoned interim and wish him well in his next venture."

Christopher (Chris) Williams, aged 36, has held no other directorships or partnerships within the past five years.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies.

Enquiries:

 
 Velocity 
  Jon Bridges, Chief Executive Officer 
  Andy Beaden, Chairman                          +44 (0) 1282 577577 
 Cenkos (Nominated Adviser and Broker)           +44 (0)20 7397 8900 
  Russell Cook                                   +44 (0)20 7397 1977 
  Ben Jeynes                                     +44 (0)20 7397 1974 
 Belvedere Communications (Financial      VelocityPR@belvederepr.com 
  PR)                                           +44 (0) 7715 769 078 
  Cat Valentine                                 +44 (0) 7967 816 525 
  Keeley Clarke 
 

About Velocity

Velocity Composites is a manufacturer of composite material kits for the aerospace industry, delivering engineered kits for its customers to build component parts. The Company's clients 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, Boeing 737 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 Composites also exports to Europe and North America.

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August 04, 2020 05:46 ET (09:46 GMT)