TIDMVEL
RNS Number : 5686F
Velocity Composites PLC
11 July 2023
11 July 2023
VELOCITY COMPOSITES PLC
("Velocity", the "Company", the "Group")
Unaudited Half Year Results for the six months ended 30 April
2023
Velocity Composites plc (AIM: VEL), the leading supplier of
composite material kits to aerospace and other high-performance
manufacturers, is pleased to announce the Company's unaudited
results for the six months to 30 April 2023.
Financial Highlights:
-- Revenue increased 19% to GBP7.0m (2022: GBP5.9m) as aerospace
sales volumes continued to recover post Covid-19, with improved UK
demand.
-- Gross margin of 21.8% (2022: 23.5%), reduced slightly due to
a lag in the pass through of inflation to customers, with price
increases now agreed and due to provide a greater recovery of costs
in the second half.
-- EBITDA loss of GBP0.9m (2022: loss of GBP0.2m), including
GBP0.5m of upfront costs to setup the US site and new contract
engineering costs.
-- Loss before tax of GBP1.4m (2022: loss of GBP0.7m).
-- Cash at bank as at 30 April 2023 of GBP1.2m (30 April 2022: GBP2.0m).
Operating Highlights:
-- In April 2023, the US facility manufactured the first
production kits to support the five-year Work Package Agreement
announced in December 2022 with GKN Aerospace.
-- The agreement with GKN Aerospace is expected to be worth in
excess of US$100 million in revenue over five years.
-- UK production has scaled to meet increased customer demand.
-- Strong pipeline of new business in both the US and Europe.
-- Longer-term, carbon fibre composite material usage is
expected to grow significantly in civil aircraft and other
transportation modes.
-- Continued investment and development of the Company's technology.
-- Remain on track to achieve profitability in FY 2024, as a
result of a ramp up of existing contracts.
Outlook:
-- The commercial value of contracted business is currently
estimated to be worth between GBP30m to GBP36m per annum at OEM
planned production rates.
Andy Beaden, Chairman, Velocity, said : "Velocity is making
excellent progress. Aerospace volumes continue to recover, and our
US facility has started to manufacture production kits for GKN.
While our initial investment in the facility has led to an EBITDA
loss in the first half of the year, once the new business is at
full production during 2024, we expect to move into EBITDA and
positive PBT.
"Since last year, the value of commercial business under
contract has trebled. Looking ahead, we anticipate significant
revenue growth in the coming years, particularly in North America,
and also as more industries make greater use of composite material
technologies to meet environment targets. We are excited about the
Company's long-term prospects."
Enquiries:
Velocity
Andy Beaden, Chairman +44 (0) 1282 577577
Jon Bridges, Chief Executive Officer
Adam Holden, Chief Financial Officer
Cenkos (Nominated Adviser and Broker)
Katy Birkin +44 (0)20 7397 8900
Ben Jeynes
George Lawson
SEC Newgate (Financial PR)
Robin Tozer +44 (0)7540 106 366
George Esmond velocity@secnewgate.co.uk
Harry Handyside
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.
Chairman's Statement
Overview
Demand is starting to accelerate as the aerospace industry
prepares for significant expansion in the manufacture of new
generations of aircraft and, therefore, an expected increase in the
use of composite materials to enable the necessary lightweighting
to meet environmental targets.
Revenue increased 19% as a result of improved UK demand and
customer production rates. At the same time, we have commissioned
our new US facility in Alabama, and started the First Article
Inspection processes. This will transfer approximately GBP16m of
new business per annum from GKN's Tallassee, Alabama operations.
This process will continue through FY 2023, with the objective of
realising the full run-rate value of this five-year US$100 million
contract in 2024.
The macroeconomic conditions are challenging. High inflation has
impacted our short-term gross margin through higher energy and
staff costs. The Group implemented price increases in the first
half to help recover these costs in the latter half of the full
year. Furthermore, we invested heavily in upfront costs in terms of
delivering the necessary engineering and product/services
technologies required in the US. This investment was part of the
onboarding of the new business from GKN in Tallassee. These costs
will recover over the length of the contract. This initial US
investment, led to an EBITDA loss in the first half of the year.
However, once the new business is at full production during 2024,
we expect to move into positive EBITDA and Profit Before Tax.
There is also significant new business activity across our
customer base. We are quoting for additional work in the US and
Europe, predominantly with existing customers, but also new
customers that have expressed an interest in Velocity's US
presence. This includes establishing working relationships with
aerospace distributors, as we seek to build out our US sales
capabilities.
We continue to tightly control our working capital and cash flow
and have also benefitted from customer finance solutions to aid the
trebling of the current business, when compared to FY 2022.
Financial Performance
As noted, revenue in the period grew 19% to GBP7.0m (2022:
GBP5.9m) as demand is steadily returning to pre-pandemic levels.
Building on the momentum reported in recent results as the global
aerospace industry recovers and OEM forecast production rates grow.
The UK sales growth was stronger than initially expected,
accelerating in the latter few months of the period. Price
increases have been successfully agreed with key customers and will
provide a greater benefit in the second half .
Gross margin has reduced slightly to 21.8% (2022: 23.5%)
although has started to move towards the longer-term target of 25%
in the latter months of the period.
Administrative expenses of GBP2.8m are higher than last year's
costs of GBP2.0m, with approximately GBP0.5m relating to the
investment in the development of the US facility. Increased utility
costs and the movement in the GBP to USD exchange rate are also
impacting expenses.
As a result, reported EBITDA is a loss of GBP0.9m (2022: GBP0.2m
loss), although an improvement is anticipated in the second half of
the year as the US facility increases production towards contracted
rates. Loss before tax from continuing operations increased to
GBP1.4m (2022: loss of GBP0.7m).
Cash as at 30 April 2023 was GBP1.2m and net debt was GBP1.8m.
As production moves towards contracted rates in the US, working
capital will be supported by supply chain finance lines provided by
GKN, helping to provide a self-funding mechanism until the profit
from the contract can then fund the work under the contract in the
long-term. The Company continues to access its invoice discounting
facility in the UK and also holds debt relating to Coronavirus
Business Interruptions Loans which are being repaid by instalments
with the final amounts due in 2026.
Investment in Growth & Customer Proposition
Velocity continues to maintain the required investment to
support its growth and R&D activities. The Company has been
able to self-fund this through the pandemic, which suppressed
short-term demand in the aerospace manufacturing sector, with the
UK civil aerospace sector particularly hard hit.
In addition, work has been done to develop the Company's
customer proposition through investment in R&D. A new "Digital
Manufacturing Cell" that enables further standardisation and
automation of production is expected to be deployed in the second
half of the year. It is likely to improve future gross margin
through material and labour efficiencies. The Digital Cell combines
with our composite tailored material planning technology, Velocity
Resource Planning, or VRP. These technology hardware and software
systems enable the efficiencies in our services to customers, in
labour, materials and inventory levels.
Outlook
The Company has contracted UK and US business which, when in
full production (at current OEM run rates), will significantly
increase revenue from current levels. The commercial value of
contracted business is currently estimated to be worth between
GBP30m to GBP36m per annum at OEM planned production rates.
The current UK and US manufacturing facilities are being
expanded to meet this rapid increase in the order book. The new US
facility can be doubled again in capacity, to meet further new
business and contracted volumed growth, of up to GBP70m.
The Company has a healthy short-term pipeline of new business
opportunities in Europe and North America. Longer-term, carbon
fibre composite material usage is expected to grow significantly in
civil aircraft and other transportation modes. The benefits of its
relative lightweight will play an important role in reducing the
use of fossil fuels through greater fuel efficiency in conventional
jet engine technology.
Andy Beaden
Non-Executive Chairman
11 July 2023
Condensed consolidated statement of total comprehensive income
for the 6 months ended 30 April 2023
6 months 6 months 12 months
ended ended
30 April 30 April ended
2023 2022 31 October
(unaudited) (unaudited) 2022
(audited)
Note GBP'000 GBP'000 GBP'000
---------------------------- ---------------------------- ---------------------------
Revenue 3 6,980 5,864 11,959
Cost of sales (5,459) (4,487) (9,213)
---------------------------- ---------------------------- ---------------------------
Gross profit 1,521 1,377 2,746
Administrative
expenses (2,806) (2,003) (4,063)
Operating loss (1,285) (626) (1,317)
------------------------------ ------------------- ---------------------------- ---------------------------- ---------------------------
Operating loss
analysed as:
Adjusted EBITDA (858) (189) (452)
Depreciation of
property,
plant
and equipment (116) (105) (210)
Amortisation (20) (32) (53)
Depreciation of
right-of-use
assets
under IFRS 16 (206) (215) (432)
Share-based
payments (85) (85) (170)
Finance income
and expense (152) (84) (187)
---------------------------- ---------------------------- ---------------------------
Loss before tax (1,437) (710) (1,504)
Corporation tax
recoverable - - 167
Loss for the
period and
total
comprehensive
loss (1,437) (710) (1,337)
============================ ============================ ===========================
Loss per share 4 (GBP0.04) (GBP0.02) (GBP0.04)
- Basic (pence
per share)
============================ ============================ ===========================
Loss per share 4 (GBP0.04) (GBP0.02) (GBP0.04)
- Diluted
(pence
per share)
============================ ============================ ===========================
The notes below form part of this interim report.
Condensed consolidated statement of financial position at 30 April
2023
As at As at As at
30 April 30 April 31 October
2023 2022 2022
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
Non-current
assets
Intangible
assets 499 59 173
Property,
plant and
equipment 1,739 957 1,099
Right-of-use
assets 2,299 1,471 2,269
---------------------------- ---------------------------- ---------------------------
Total
non-current
assets 4,537 2,487 3,541
---------------------------- ----------------------------
Current
assets
Inventories 1,633 948 1,407
Trade and
other
receivables 2,976 3,361 2,521
Corporation - - -
tax
Cash and cash
equivalents 1,208 2,038 2,344
---------------------------- ---------------------------- ---------------------------
Total current
assets 5,817 6,347 6,272
---------------------------
Total assets 10,354 8,834 9,813
---------------------------- ----------------------------
Current
liabilities
Loans 536 530 503
Trade and
other
payables 4,298 1,258 2,207
Obligations
under lease
liabilities 470 245 405
---------------------------- ---------------------------- ---------------------------
Total current
liabilities 5,304 2,033 3,115
---------------------------- ----------------------------
Non-current
liabilities
Loans 1,222 1,730 1,506
Obligations
under lease
liabilities 1,779 1,129 1,792
---------------------------- ----------------------------
Total
non-current
liabilities 3,001 2,859 3,298
---------------------------
Total
liabilities 8,305 4,892 6,413
Net assets 2,049 3,942 3,400
Equity
attributable
to equity
holders of
the
company
Share capital 5 92 91 91
Share premium 9,727 9,727 9,727
Share-based
payments
reserve 769 624 684
Retained
earnings (8,539) (6,500) (7,102)
---------------------------- ----------------------------
Total equity 2,049 3,942 3,400
============================ ============================ ===========================
The notes below form part of this interim report.
The financial statements were approved and authorised for issue
by the Board of Directors on 10 July 2023 and were signed on its
behalf by:
Adam Holden
Company Secretary Company Number: 06389233
Condensed consolidated statement of changes in equity for the 6 months
ended 30 April 2023
Share-based
Share Share Retained payments Total
capital premium earnings reserve equity
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------------------- ----------------------- -------------------------- ----------------------
As at 31 October 2021 91 9,727 (5,790) 539 4,567
Loss for the period - - (710) - (710)
---------------------- ---------------------- ----------------------- -------------------------- ----------------------
91 9,727 (6,500) 539 3,857
Transactions
with
shareholders:
Share-based payments - - - 85 85
As at 30 April 2022 91 9,727 (6,500) 624 3,942
Loss for the period - - (627) - (627)
---------------------- ---------------------- ----------------------- -------------------------- ----------------------
91 9,727 (7,127) 624 3,315
Transactions
with
shareholders:
Share-based payments - - - 85 85
Vesting of share options - - 25 (25) -
---------------------- ---------------------- ----------------------- -------------------------- ----------------------
As at 31 October 2022 91 9,727 (7,102) 684 3,400
Loss for the period - - (1,437) - (1,437)
---------------------- ---------------------- ----------------------- -------------------------- ----------------------
91 9,727 (8,539) 684 1,963
Transactions
with
shareholders:
Share-based payments 1 - - 85 86
As at 30 April 2023 92 9,727 (8,539) 769 2,049
====================== ====================== ======================= ========================== ======================
The notes below form part of this interim report.
Condensed consolidated statement of cash flows
for the 6 months ended 30 April 2023
12 months
ended
6 months 6 months 31 October
ended ended 2022
30 April 30 April (audited)
2023 2022
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
---------------------------- ----------------------------- ---------------------------
Operating
activities
Loss for the
period (1,437) (710) (1,337)
Taxation - - (167)
Profit on
sale of
assets (4) - (38)
Finance costs 152 84 187
Amortisation
of
intangible
assets 20 32 53
Depreciation
of property,
plant and
equipment 116 105 210
Depreciation
of
right-to-use
assets 206 215 432
Share-based
payments 85 85 170
(862) (189) (490)
Operating
cash flows
before
movements
in working
capital
(Increase) in
trade and
other
receivables (455) (1,199) (359)
(Increase) in
inventories (226) (71) (530)
Increase in
trade and
other
payables 2,091 200 1,149
---------------------------- ----------------------------- ---------------------------
Cash from
operations 548 (1,259) (230)
Income taxes
received - 341 510
---------------------------- ----------------------------- ---------------------------
Net cash
inflow from
operating
activities 548 (918) 280
Investing
activities
Purchase of
property,
plant and
equipment (756) (9) (262)
Purchase of
development
expenditure (346) - (136)
Proceeds from
disposal of
property,
plant and
equipment 4 - 42
Net cash used
in investing
activities (1,098) (9) (356)
Financing
activities
Finance costs
paid (151) (84) (187)
Loan
repayment (251) (252) (503)
Repayment of
lease
liabilities
capital (184) (175) (366)
---------------------------- -----------------------------
Net cash used
in financing
activities (586) (511) (1,056)
---------------------------- ----------------------------- ---------------------------
Net Decrease
in cash and
cash
equivalents (1,136) (1,438) (1,132)
Cash and cash
equivalents
at beginning
of
period/year 2,344 3,476 3,476
---------------------------- ----------------------------- ---------------------------
Cash and cash
equivalents
at end
of
period/year 1,208 2,038 2,344
============================ ============================= ===========================
The notes below form part of this interim report.
Notes to Interim Report
1. General information
Velocity Composites plc (the 'Company') is a public limited
company incorporated and domiciled in England and Wales. The
registered office of the company is AMS Technology Park, Billington
Road, Burnley, Lancashire, BB11 5UB, United Kingdom. The registered
company number is 06389233.
The Company holds shares in a wholly owned subsidiary company,
Velocity Composites Sendirian Berhad, which is domiciled in
Malaysia. During this financial period, the Company has provided
engineering services to the Group. The Company also wholly owns
Velocity Composites Aerospace Inc. to prepare for future expansion
in the United States of America. These subsidiaries together with
Velocity Composites plc, now forms the Velocity Composites Group
('the Group').
The Group's principal activity is that of the sale of kits of
composite material and related products to the aerospace
industry.
The condensed consolidated interim financial statements are
unaudited and do not constitute statutory financial statements
within the meaning of Section 435 of the Companies Act 2006. The
review report on these interim financial statements is set out
below. The financial information for the year ended 31 October 2022
has been derived from the published statutory financial statements
for the Company. A copy of the full accounts for that period, on
which the auditor issued an unmodified report that did not contain
statements under Section 498(2) or 498(3) of the Companies Act
2006, has been delivered to the Registrar of Companies.
These interim financial statements will be available from the
Company's website at www.velocity-composites.com.
2. Accounting policies
Basis of preparation
These condensed consolidated interim financial statements are
for the six months ended 30 April 2023. This interim financial
report has been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', in
accordance with UK-adopted international accounting standards, and
has been prepared using consistent accounting policies as applied
in the Company's full year accounts to 31 October 2022 and as
expected to be applied in the full year accounts to 31 October
2023. They have therefore been prepared in compliance with the
measurement and recognition criteria of UK-adopted international
accounting standards.
These financial statements have been prepared on a going concern
basis and using the historical cost convention, as stated in the
accounting policies. These policies have been consistently applied
to all periods presented, unless otherwise stated.
The financial statements are presented in sterling and have been
rounded to the nearest thousand (GBP'000) except where otherwise
indicated.
No new standards have been adopted for the first time in the
current financial year.
Going concern
Management continues to undertake a significant level of cash
flow forecasting and detailed financial projections for the period
to 31 October 2025 have been prepared. A number of sensitivities
have been performed to understand the cash flow impact of various
scenarios which continue to show that the business has sufficient
liquidity to continue trading as a going concern.
The aerospace sector lends itself to long-term planning due to
the nature and length of customer programmes, typically a minimum
of three years, but often five years or more. This has enabled the
business to fully model the period to 31 October 2025 and
incorporate more strategic, longer-term planning for growth as the
industry continues its recovery from the pandemic.
2. Accounting policies (continued)
Going concern (continued)
Cash flow forecasts are reviewed monthly through Management's
Integrated Business Planning (IBP) process and the assumptions
updated for any new knowledge to ensure there is no change in the
Group's liquidity outlook. This is linked in with Management's
monthly risk review and should the outlook change significantly
with no mitigating actions, the Group's liquidity risk rating on
the risk register will be adjusted to reflect this and subsequently
discussed at Board level.
The latest financial projections incorporate revenue forecasts
based on current demand in both the UK and US, plus a weighting of
opportunities in the pipeline. It is important that the business
continues to move towards full rate production in the US in order
to meet this customer demand, generating revenue and cash in the
process. The cost base included in the projections is reflective of
the significant cost reductions that have already taken place in
the Group, but also realistic about the investment required to
continue to implement growth.
It is this investment in growth and technological advancements
that has resulted in the forecasts indicating that the Group's
Invoice Discounting Facility, secured against Trade Debtors, will
be utilised during the going concern period. Whilst this facility
is designed to be short-term and can be withdrawn with 3 months'
notice, the latest discussions have reflected the bank's support
for Velocity's growth strategy and as such we expect this facility
will remain available for the foreseeable future. The Group is also
reliant on the supply chain facilities and support offered by the
current US customer as it continues to develop the Tallassee site
and move towards full rate production and again, it is the
expectation that this will remain in place.
Should alternative financing be required, the Group would
preserve cash by delaying further investment activities until
longer-term funding could be implemented, such as asset-based
financing against new capital expenditure or equity funding.
Having due regard for the latest deliverables and latest
projections, together with the facilities available, it is the
opinion of the Board that the Group has adequate resources to
continue to trade as a going concern.
3. Segmental analysis
The Group supplies a single range of kitted products into a
single industry and so has a single segment. Additional information
is given below regarding the revenue receivable based on
geographical location of the customer.
12 months
6 months 6 months ended
ended ended
30 April 30 April 31 October
2023 (unaudited) 2022
(unaudited) 2022
(audited)
GBP'000 GBP'000 GBP'000
--------------------------------- ----------------------------- ---------------------------
Revenue
United
Kingdom 6,844 5,813 11,906
Rest of
Europe 6 20 10
Rest of
World 130 31 43
6,980 5,864 11,959
================================= ============================= ===========================
Four customers of the Group are responsible for over 90% of the
total revenue in each of the periods presented. The majority of
revenue arises from the sale of goods. Where engineering services
form a part of revenue it is only in support of the development or
sale of the goods.
4. Reconciliation of reported earnings per share
12 months
6 months 6 months ended
ended ended 31 October
30 April 30 April 2022
2023 2022 (audited)
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
---------------------------- ---------------------------- ----------------------------
Loss for the
period/year (1,436) (710) (1,337)
Weighted Shares Shares Shares
average
number of
shares
---------------------------- ---------------------------- ----------------------------
Weighted
average
number of
shares
in issue 36,600,099 36,318,130 36,371,065
Weighted
average
number of
share
options 2,254,694 2,036,458 2,110,897
---------------------------- ---------------------------- ----------------------------
Weighted
average
number of
shares
(diluted) 38,854,793 38,354,588 38,481,962
============================ ============================ ============================
Share options have not been included in the diluted loss per
share calculation as they would be anti-dilutive with a loss being
recognised.
12 months
ended
6 months 6 months 31 October
ended ended
30 April 30 April 2022
2023 (unaudited) 2022 (unaudited)
(audited)
GBP GBP GBP
--------------------------------- --------------------------------- ---------------------------
Loss
per
share
Basic & (GBP0.04) (GBP0.02) (GBP0.04)
Diluted
================================= ================================= ===========================
5. Share capital of the Company
Number of Share capital Share premium
shares
GBP GBP
------------------------- ---------------------------- ----------------------------
Share capital
issued and fully
paid
Ordinary shares
of GBP0.0025
each
as at 31
October 2021 36,303,064 90,758 9,727,158
Shares issued to
satisfy
exercise
of share
options on 5
April 2022 108,475 271 -
------------------------- ---------------------------- ----------------------------
Ordinary shares
of GBP0.0025
each
as at 30 April
2022 36,411.539 91,029 9,727,158
Shares issued to
satisfy
exercise
of share
options on 28
May 2021 47,458 118 -
------------------------- ---------------------------- ----------------------------
Ordinary shares
of GBP0.0025
each
as at 31
October 2022 36,458,997 91,147 9,727,158
Shares issued to
satisfy
exercise
of share
options on 6
March 2023 461,788 1,155 -
------------------------- ---------------------------- ----------------------------
Ordinary shares
of GBP0.0025
each
as at 30 April
2023 36,920,785 92,302 9,727,158
========================= ============================ ============================
Ordinary shares carry the right to one vote per share at general
meetings of the Company and the rights to share in any distribution
of profits or returns of capital and to share in any residual
assets available for distribution in the event of a winding up.
6. Capital commitments
At 30 April 2023 the Group had GBPNil (2022: GBPNil) of capital
commitments relating to the purchase of leasehold improvements,
plant and machinery and fixture and fittings.
Independent Review Report to Velocity Composites plc
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 April 2023 which comprises the condensed
Consolidated Statement of Comprehensive income, the condensed
Consolidated Statement of Financial Position, the condensed
Consolidated Statement of Changes in Equity, the condensed
Consolidated Statement of Cash Flows and the related notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
April 2023 is not prepared, in all material respects, in accordance
with UK adopted International Accounting Standard 34.
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued for use in the United Kingdom. A review of interim
financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with UK adopted IFRSs. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with UK adopted
International Accounting Standard 34, "Interim Financial
Reporting.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis of Conclusion
section of this report, nothing has come to our attention to
suggest that management have inappropriately adopted the going
concern basis of accounting or that management have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly
financial report in accordance with International Accounting
Standard 34, 'Interim Financial Reporting'.
In preparing the half-yearly financial report, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Cooper Parry Group Limited
Statutory Auditor
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
Date
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IR DGGDRDXBDGXG
(END) Dow Jones Newswires
July 11, 2023 02:00 ET (06:00 GMT)
Velocity Composites (LSE:VEL)
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