Contents

1. Strategic Report

Highlights

4

Chairman's Report

6

CEO Report

10

Financial Review

15

Principal Risks & Uncertainties

18

2. Governance

Statement of Corporate Governance

25

Board of Directors and Senior Management

31

Directors' Report

35

Directors' Remuneration Report

38

3. Financial Statements

Independent Auditor's Report

41

Consolidated Statement of Total Comprehensive Income

47

Consolidated and Company Statement of Financial Position

48

Consolidated and Company Statement of Changes in Equity

49

Consolidated and Company Statement of Cash Flows

51

Notes to the Financial Statements

52

4. Shareholder Information

Advisers

81

Notice of General Meeting

82

Notes to Notice of General Meeting

85

Strategic Report Highlights

Our Mission: To revolutionise aerospace composites

manufacturing by enabling our customers to reduce waste/costs whilst meeting increased global demand by creating a lean and scalable supply chain in a more-for-less era, delivering real value for all stakeholders.

Financial Highlights & Group Key Performance Indicators

Revenue

Gross Margin %

£12m

23%

Adjusted EBITDA 1

Cash at Bank

Operating Loss

£(0.5)m

£2.3m

£(1.3)m

1 Earnings before interest, tax, depreciation, amortisation and adjusted for share-based payments. The business uses this Alternative Performance Measure to appropriately measure the underlying business performance, as such it excludes costs associated with non-core activity. Share-based payments are added back to make the share-based payment charge clear to stakeholders. Workings are provided on p15 of the 2022 Annual Report and Financial Statements.

4

Our highly efficient nests help reduce waste & save money

The innovative visual inspection system is now in operation in our digital cell at Burnley HQ

Velocity Composites is the leading supplier of advanced composite material kits to the aerospace market

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Velocity Composites plc published this content on 02 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 14:40:07 UTC.