StockMarketWire.com - Advanced materials supplier to the aerospace market Velocity Composites posted a full-year loss, after exceptional charges offset an improvement in margins.

Pre-tax losses for the year through October amounted to £0.65m, compared to losses of £1.21m on-year.

Revenue edged back to £24.3m, from £24.5m, though the company's gross margin improved to 21.7%, from 18.3%, 'through continued operational focus'.

Exceptional administrative expenses of £0.7m included costs related to the resignations of the previous chairman and non-executive directors and settlement of a dispute with founder shareholders.


At 9:26am: [LON:VEL] Velocity Composites Plc share price was +1p at 42p



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