Velocity Composites appoints Brian Tenner to its Board as Independent Director

– UK, Burnley – Velocity Composites plc (AIM:VEL), the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announced the appointment of Brian Tenner, ACA as an Independent Non-Executive Director effective immediately. Further to the announcement on 27 February 2018, the Company also announces the retirement of Peter Turner from the Board effective today.

Brian Tenner is a highly experienced commercial, operational and financial professional with over 25 years industry experience. Most recently Brian was CFO of the Main Market listed NCC Group Plc. Prior to that he was Group Finance Director at Renold plc from 2010 – 2016, Scapa Group plc from 2007 – 2010 and BNFL plc from 2003 – 2007. Brian started his career at PwC in Audit and Business Advisory Services.

Brian holds a LLB (Hons) degree in Law from Edinburgh University, is a Chartered Accountant and completed an Advanced Management Programme at INSEAD in 2006.

It is intended that Brian Tenner will chair the Audit Committee and be a member of the Remuneration Committee.

Mark Mills, Non-Executive Chairman of Velocity said: “On behalf of the Board I am delighted to welcome Brian as a Non-Executive Director during an exciting stage of the Company’s growth. Brian’s extensive finance, PLC and operational experience will be of significant value as we focus on expanding our customer base in Europe and beyond.

About Velocity Composites

Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry, delivering engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company’s customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world’s leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity’s kits. The Company’s business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts’ manufacturers. Velocity’s services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK and Continental Europe.

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