Velocity Composites Plc (GB:VEL) has released an update.
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Velocity Composites Plc has announced a 40% year-on-year revenue growth forecast for FY24 despite facing short-term production delays in the US and UK, with a minimum expected revenue of £22.8m and a positive EBITDA. The company has completed key supplier agreements and a contract renewal with a major UK customer on the A350 programme, ensuring continued growth and strategic partnerships. Velocity remains optimistic about overcoming current challenges and projects substantial revenue growth in FY25.
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