Tewkesbury-based Trackwise raises more than £12 million in oversubscribed offer

Trackwise Designs

Trackwise Designs plc, a provider of specialist products using printed circuit technology, has raised £12.6 million through an oversubscribed offer.

Philip Johnston, CEO of Trackwise, said: “This Open Offer has provided an opportunity specifically to those of our shareholders not participating in the Placing and Subscription. We are very grateful for the level of support shown, and are pleased to increase the number of shares issued under the Open Offer to facilitate this participation in the fundraising by our shareholders.”

The Open Offer, announced on 20 November 2020, closed oversubscribed.

Trackwise manufactures specialist products using printed circuit technology. With a wide range of potential applications including telecommunications, aviation, automotive and defence, its products are exported around the world, including the USA, Australia, Europe and China.

In September, the company reported revenues of £2.39 million in the first half of 2020 (H1 2019: £1.547 million).

In the same month we reported that Trackwise had signed a three-year product manufacture and supply agreement with a UK manufacturer of electric vehicles. The agreement has the potential to be worth up to £5 million in 2021, and up to £38 million by 2023.

The company, which floated on the London Stock Exchange’s AIM in 2018, earlier this year, Trackwise acquired Stevenage Circuits Ltd, a UK-based designer and manufacturer of short flex and rigid printed circuit boards, for up to £2.5 million. The company said the deal enables Trackwise to increase production of its improved harness technology, as well as expand its customer base and boost technical, sales, and operational expertise.