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Velocity Composites PLC on Tuesday said that it has traded in line with expectations during 2022 and is ‘progressing well’ with expansion opportunities.
Shares in the aerospace composite material kits supplier were up 10% to 16.00 pence each in London on Tuesday midday.
Velocity said that it continues to be in a ‘strong’ position and has continued to trade as expected during 2022.
It added that it is ‘progressing well’ with expansion opportunities.
The company expects to publish a trading update for the year ended October 31 in December.
Further, Velocity said that Non-Executive Director Rob Soen plans to step down on October 31 to focus on other business interests.
Soen, who joined the Lancashire, England-based company in July 2019, will continue to act as an advisor to Velocity, and will help its commercial and supply chain strategy as the company grows.
Velocity said that Non-Executive Director Annette Rothwell will replace Soen as chair of the Remuneration committee. Rothwell was appointed as an independent non-executive director of the company in March 2022.
Meanwhile, Non-Executive Director David Bailey, who joined the board in June this year, will become chair of the newly created Sustainability Committee to support Velocity's work in helping customers meet their global environmental, social and governance targets.
Chair Andy Beaden said: ‘Rob's knowledge of the aerospace industry and his supply chain experience has helped pivot Velocity from a pure manufacturing business to a technology-led composite supply chain services business. In his new advisory role, he will focus on increasing opportunities for Velocity with global Tier One Aerospace manufacturers.’
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