Velocity Composites (VEL)

Velocity Composites VEL Logo

The leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry.

23-Jan-2018 – 120p – £43.0m – PER n/a

Maiden Results For The 12 Months To End October 2017 – In-line. Revenue up 46% to £21.4m (2016: £14.6m) with Underlying Operating Profit of £0.9m (2016: £0.3m) – In-line with expectations. There’sCash of £5.4m. 75% of 2018 revenues on contract, with 85% visibility overall.

Not sure about this at all, looks OK but this is confusing – Underlying EPS increased to 2.39p but reported Loss Per Share is 2.47p. I have to remain Neutral here for now, need a little more research.

27-Feb-2018 – 84.5p – £28.4m – PER 11.2

AGM And Trading Statement – Not the most positive sounding update.

Even at this price (below the IPO price) I don’t see particularly great value – I am going to remain on the fence here.

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