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Velocity Composites forecasts first-half loss as revenue sinks
StockMarketWire.com
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Advanced materials provider to the aerospace industry Velocity Composites forecast a first-half loss as the pandemic hurt revenue.
Adjusted earnings before interest, tax, depreciation and amortisation for the six months through April were seen amounting to a loss of £0.5 million, compared to a year-on-year loss of £0.3 million.
Revenue was to more than halve to £4.4 million, down from £9.5 million.
Velocity Composites said organisational restructuring had brought its cost base in line with a target £13.5 million sales breakeven position.
The company added that it was 'well placed' to return to a positive adjusted EBITDA in the second half and in the 2022 financial year, 'albeit in challenging market conditions'.
Story provided by StockMarketWire.com
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