Trackwise Designs, the Tewkesbury-based printed circuit designer and manufacturer, will report full year revenues of approximately £6.1 million, up from £2.9 million last year.
While the revenue is lower than expected, the operating loss of approximately £0.2 million is in line with current market expectations.
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.”
Year-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, said the company in a statement.
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.
The 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.
Good progress has been made with the project to increase IHT manufacturing capacity and the company is on track to deliver against Trackwise’s first series production order for Improved Harness Technology from an electric vehicle manufacturer, as previously announced.