11th Apr 2019 11:14
LONDON (Alliance News) - Trackwise Designs PLC on Thursday swung to profit on strong performance of both of its units in its first annual figures as a public firm.
The printed circuit boards manufacturer swung to a profit in 2018 of GBP68,000 compared to a GBP13,000 loss reported a year earlier, as revenue rose by 23% to GBP3.5 million from GBP2.8 million.
The IHT division sharply increased revenue in the year, Trackwise highlighted, to GBP606,000 against GBP191,000 generated the year before, driven by the undisclosed customer in the aerospace sector.
Meanwhile, the RF division recorded a growth of 10% in revenue year-on-year to GBP2.9 million, marking its best performance since 2014, Trackwise said.
The company has invested "heavily" in infrastructure during the year, with the total investment in totalling GBP214,000, which was accompanied by increased development of its IHT technology where the company spent a total of GBP1.1 million.
Looking ahead, Trackwise anticipates continued investment in 2019 at similar levels to those in 2018.
"2018 was a year of significant progress for the company and the results show the benefits of the strategy for operational development and growth in the business in line with our core strategy outlined at the time of the initial public offering," said Chair Ian Griffiths.
Trackwise floated on the AIM market in London in late July 2018 after raising GBP7 million in its IPO, which was priced at 105 pence a share.
The company's shares were trading 12% higher on Thursday at 104.00p each.
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