A perforated composite panel comprises a substrate and an applied layer, the substrate having a first surface and an opposite second surface. A method of forming the perforated composite panel comprises the steps of: i. cutting a plurality of first holes in the substrate; ii. positioning the applied layer against the substrate such that a surface of the applied layer overlays the first surface of the substrate to thereby form the composite panel; iii. locating the composite panel in a fixture, the fixture having one or more datum features; iv. determining the location and axis direction for each of the first holes in the substrate, relative to the or each datum feature; and v. cutting a plurality of second holes in the applied layer, each of the plurality of second holes being coincident and coaxial with a corresponding one of the plurality of first holes.