Velocity Comp Regulatory News (VEL)

23 August 2023

Velocity Composites plc

("Velocity", the "Company" or the "Group")

Directorate Change

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market and other high-performance manufacturers, announces that Adam Holden has stepped down from his position as Group Finance Director and Company Secretary with immediate effect. He will leave the Company on 31 August 2023 and remains committed to the Group until his departure, providing an orderly handover.

As a result, the Company has appointed Andrew Hebb as non-Board Interim Chief Financial Officer and Company Secretary with immediate effect. Mr Hebb was Velocity's non-Board Interim Chief Financial Officer and Company Secretary between November 2018 and August 2020.

A qualified Fellow Chartered Management Accountant, Andrew has been a professional interim CFO for several AIM quoted and private companies across a range of sectors since 2009. Prior to that, as CFO, Andrew helped build Hedra Plc into a major public sector consulting business and managed the sale process in 2008. He has held CFO and operational roles in other major UK companies. 

The Company will commence a process to identify and appoint a new Group Finance Director and Company Secretary shortly and further announcements will be made, as appropriate.

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About Velocity Composites

Based in Burnley, UK, Velocity Composites is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability. Customers include Airbus, Boeing, and GKN.

By using Velocity's proprietary technology, manufacturers can also free up internal resources to focus on their core business. Velocity has significant potential for expansion, both in the UK and abroad, including into new market areas, such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.