Trackwise Designs PLC FY22 Trading Update (0528Q)
June 24 2022 - 2:00AM
UK Regulatory
TIDMTWD
RNS Number : 0528Q
Trackwise Designs PLC
24 June 2022
TRACKWISE DESIGNS PLC
("Trackwise", the "Group" or the "Company")
FY22 Trading Update
Trackwise Designs (AIM: TWD), a leading provider of specialist
products using printed circuit technology, provides an update on
current trading for the year ended 31 December 2022 ("FY22").
FY22 trading update
The Company now has an IHT sales pipeline with 95 customers and
opportunities in total (excluding any early stage opportunities)
predominantly across the primary target markets of Electric
Vehicles ( "EV") , Medical and Aerospace. Notably, t he Group has a
growing number of opportunities in the EV target market, including
Tier 1 and Tier 2 supplier opportunities for a number of major
OEMs.
However, in the short term, due to reduced near term UK EV OEM
customer demand, Group sales in 2022 are now expected to be below
previous market expectations. Despite this revenue impact, the
Group reports that, due to the benefit of specific contract terms,
it expects to deliver FY22 adjusted operating profit*, and adjusted
profit before tax*, in line with market expectations.
The Company's total order book for delivery in FY22 is currently
GBP4.6 million, of which the IHT order book is GBP2.5 million, and
the APCB order book is GBP2.1 million.
For the five months to 31 May 2022 the Company has achieved
total revenue of GBP3.3 million (6 months to 30 June 2021: GBP4.1
million, 12 months to 31 December 2021: GBP8.0 million), which
includes five month IHT revenue of GBP0.5 million (6 months to 30
June 2021: GBP0.6 million, 12 months to 31 December 2021: GBP1.5
million).
Cash of GBP3.2m has been received this month relating to asset
financing for capital equipment now on site and commissioned at
Stonehouse.
Stonehouse facility
Completion and commission work is continuing at Stonehouse. The
site houses the high-volume, low mix, roll to roll IHT production
facility and will significantly increase Trackwise's production
capacity to meet expected demand for IHT across its target markets,
initially prioritising EV. The Company looks forward to inviting
investors to a Capital Markets Day at Stonehouse later this
year.
*Before exceptional costs and share based payments.
The financial information including current year guidance
included in this announcement is unaudited.
Enquiries:
Trackwise Designs plc +44(0)16 8429 9930
Philip Johnston, CEO www.trackwise.co.uk
Mark Hodgkins, CFO
finnCap Ltd +44(0)20 7220 0500
NOMAD and Broker
Ed Frisby / Tim Harper - Corporate Finance
Andrew Burdis / Barney Hayward - ECM
Alma PR +44(0)20 3405 0212
Financial PR and IR
David Ison / Josh Royston / Kieran Breheny
Notes to Editors
Trackwise is a UK-based manufacturer of specialist products
using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harness in a variety of industries.
The Company manufactures on two sites, located in Tewkesbury and
Stevenage (following the acquisition of Stevenage Circuits Ltd in
April 2020). It serves customers in Europe and North America. The
Company has acquired a third site in Stonehouse Gloucestershire
initially for its EV programme.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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