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Gloucestershire Business News

Trackwise revenue expected to double

Tewkesbury-based circuit board manufacturer Trackwise Plc has released a trading update, revealing a substantial increase in turnover in 2020 despite the impact of the pandemic.

The company expects to report full year revenues of approximately £6.1 million for the year ending December 21, 2020, up from £2.9 million in 2019.

Trackwise has adjusted its operating loss to approximately £0.2 million and say that while revenue is lower than expected, operating loss is in line with current market expectations.

It added that near-end sales in both the Improved Harness Technology (IHT) and Advanced PCBs divisions have been impacted 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. This has led to customers delaying purchases as a result of impacts on their operations and softness in their own end markets.

The company expects trading activity to normalise as restrictions ease. Through continued careful cost control within the business, the adjusted operating loss remains as expected.

A pipeline of revenue opportunities across the primary target markets of electric vehicle, medical and aerospace continues to grow. IHT total customers and opportunities had risen to 87 at the year end.

Philip Johnston, CEO of Trackwise, said: "2020 was a transformational year for Trackwise, as we made substantial progress in expanding and upgrading our manufacturing facilities including the acquisition of SCL, and secured our first series production order from an electric vehicle manufacturer.

"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."

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