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Stonehage Fleming Investment Management Limited bought over 9% of company's shares.
2.7% up on no trades? Strange. Maybe something in the background?
this thing really moves when it gets a head of steam !
So, looks like we're restarting and moving forward.
07 July 2020
7 July 2020
VELOCITY COMPOSITES PLC
("Velocity" or the "Group")
AIM: VEL.L
New Framework Agreement
Velocity, the leading supplier of advanced composite material kits to the aerospace sector, is pleased to announce that it has signed a new framework agreement (the "Framework Agreement") with an existing customer, a leading UK prime contractor in the Defence sector (the "Customer").
The Framework Agreement sets out the top-level terms and conditions, which underpin the Group's existing work packages with the Customer, and, importantly, enables additional work packages to be placed. The Company has been operating within the terms of the Framework Agreement since 1 March 2020 and remains in place through to 31 December 2022 with options to extend for two further 12-month periods.
Jon Bridges, Chief Executive Officer of Velocity, said:
"This is great news for Velocity. The Group is actively developing its Defence sector business, which has not experienced the same headwinds as those being weathered in civil aviation, and this new agreement creates the opportunity to increase sales to this important and influential customer.
"We have a long-standing and very positive relationship with the Customer founded on our ability to deliver innovative technologies and excellent service levels, which help meet strict programme production requirements. We look forward to working with them over the next two years and continuing to demonstrate the benefits and advantages of our product solutions for both existing and new aircraft platforms."
As expected due to the update recently. I like how there is a pipeline of £30m to go at for this year. Things will pick up again and with the price down here it shows that they have suffered due to the virus.
After reading today's results I can reiterate what I wrote yesterday. I am positive regarding the future of this company.
I fully agree belfry17. I see vel as a very interesting recovery play. Financial position very strong and orders secured. Once everything starts coming back to normal we should see nice sp rerate. I've just jumped ahead of tomorrow's results.
£5m market cap, £2.8m cash at bank and, as stated below by Gloster, the 737 is back in production. The latest update was provided before then too:
The Company's short-term revenue forecast has also been impacted by the continued freeze in Boeing's production of the 737 Max, for which the Company won a new structural contract in H1 20. However, the potential for meaningful higher revenue remains once this programme restarts.
Boeing resuming production.
Wrong Co. my friend.
I concur totally happy with the slow increase
The clowns stay away from here. Watching the slow tick up of late and it seems perhaps the board issues have, or are being closed down. Would rather a steady sustained rise personally.
Moving up
Nicely on the quite.
An ex work colleague of mine who works at the Burnley site has informed me, that things are looking good internally at shop floor level. The differences at board level are not being felt on the shop floor and things are looking busy.
Noticed this one keeps ticking up in my watchlist. Main reason seems to be the director buys. Not sure if I'm tempted yet. Seems like they have new products planned and good liquidity, but yet to return a current profit. Maybe Directors are seeing big demand ahead but they seem like they have been squabbling a bit this year so who knows what's being done for what reason. That's just from looking at the info on here I have not followed them much. Would be interesting to get more opinions.
stedy buys over the last few weeks keeps it off the radar some one knows something clearly
I thought it would have an effect on the sp when it was announced but then trump decided to play frenemies with China at the same time. Perhaps investors are looking past the trade dispute a bit now and concerning themselves with other news.
I wondering if the buys of late have anything to do with Wesco Aircraft Holdings, Inc. (NYSE: WAIR), the world’s leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, today announced that it is expanding its product and service offering to include composite management services. This unique offering brings advanced composites with significant value-added services that include highly engineered kits delivered on a just-in-time basis to the company’s existing and expanding customer base.
Wesco Composite Management Services will offer process materials and structural pre-impregnated (prepreg) engineered kits to customers in North America through an agreement with Velocity Composites plc, a leading supplier of advanced composite materials kits to the aerospace and defense industry. The company also has the opportunity to partner with Velocity in Europe and Asia Pacific to increase value-added services to its global customers.
The addition of composite materials complements Wesco’s already broad portfolio of aerospace products and services, which includes C-class hardware, chemicals and electronic components. Wesco will deliver fully scalable solutions, utilizing its premier logistics, warehousing and supply chain solutions and Velocity’s custom kitting process through point-of-use delivery. The newly formed partnership will invest in a state-of-the-art clean room and utilize Velocity’s proprietary nesting technology within Wesco’s U.S. distribution network.
Apologies for that post I thought it was recent but I have just seen the date. Still good news though.
To get more here, been quiet for a while but some recent activity has me speculating that something is in the offing.
A lot of 100k trades going through lately, hard to tell If they are buy's or sell's.
Another good RNS... the first one at least. Not to bothered about the board room at the moment, hopefully an agreement will be met... better still hopefully RR will come in and take the lot with a bid and achieve electric flight as planned. :)