22nd Jan 2021 09:43
(Alliance News) - Trackwise Designs PLC on Friday said it expects revenue for 2020 to be more than double the 2019 figure, noting that while this was lower than expected its operating loss was in line with forecasts.
The manufacturer of specialist products using printed circuit technology stated 2020 revenue was around GBP6.1 million and adjusted operating loss was GBP200,000. For comparison, revenue in 2019 was GBP2.9 million and adjusted operating profit was GBP260,000.
Trackwise said year-end sales in its Improved Harness Technology division as well as its Advanced PCBs division were hurt by the tightening of Covid-19 restrictions in the UK and overseas and also by the nervousness at the end of the Brexit transition period.
It noted that these factors led to customers delaying purchases as a result of negative impact on their operations and softness in their own end markets. However, it assured it expects trading activity to return to normal as restrictions are eased.
Tewkesbury, Gloucestershire-based Trackwise noted the pipeline of revenue opportunities across its target markets of Electric Vehicle, Medical and Aerospace have continued to grow, highlighting it is on track to deliver its first series production order for improved harness technology from an electric vehicle manufacturer.
At the end of 2020, the company's IHT total customers and opportunities stood at 87.
"2020 was a transformational year for Trackwise, as we made substantial progress in expanding and upgrading our manufacturing facilities. We are in discussions with an ever growing number of potential customers and the opportunities ahead of us in our primary target markets and the longer-term prospects for Trackwise continue to grow," said Chief Executive Philip Johnston.
Shares in Trackwise Designs were trading 7.6% lower at 305.00 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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