Velocity Composites plc announced that it has renewed its relationship with BAE Systems for a further three years. In line with the Company's other most recently renewed contracts, this contract includes a price increase to account for the increased costs of labour, energy and finance since it was last renewed. This renewal supports the Company's existing fiscal25 revenue expectations.
Velocity has been working with BAE Systems since 2010 and will continue to provide process material kits for the F35 and Typhoon programmes. Velocity has a close working relationship with BAE Systems, with teams regularly working at BAE Systems' site in Samlesbury, Lancashire, to manage inventory and support continuous improvement activity, as part of the contract.
