Revenues rise at Tewkesbury-based Trackwise

Trackwise

A leading provider of specialist products using printed circuit technology has revealed a rise in revenues of 23 per cent to £3.47 million.

Trackwise,which celebrates 30 years in business this yes, has also completed a major investment into a world class flexible printed circuit board facility, the installation of two new process lines and delivered its first wiring harness for a high altitude “pseudo satellite” (HAPS). Operating like satellites but from closer to Earth, HAPS are the missing link between drones flying close to Earth’s surface and satellites orbiting in space.

Chairman Ian Griffiths said: “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.

“The improved financial results reflect the hard work and achievements of 2018.

“The accretion of customers, which has accelerated in this current year to date gives us confidence that our outlook is that over the medium term the expectations set out at the time of flotation will be achieved.”

As the company celebrated its 30thbirthday at The Tewkesbury Park Hotel, Philip Johnston, Chief Executive Officer of Trackwise, said: “Trackwise has seen and navigated huge challenges in the trading environment – not least in the past 18 months with the ongoing issue of Brexit, relocation of the business and a successful flotation on the London Stock Exchange. It is credit to the Trackwise team that the company has continued to flourish over the years and to provide the level of service that our customers require.”

He added: ” I would like to express my thanks to all the stakeholders who contributed to this very busy and transformational year, in particular, to all of our loyal and hardworking staff, without whom none of this would have been possible, and to the customers and investors that have shown confidence in us and our technology.

“This confidence has allowed Trackwise to plan and now to deliver a world class multi-layer flexible PCB production facility.

“In 2018 we increased revenue by 23 per cent compared to last year at the same time increasing our adjusted operating profit by 385% to £325K.”