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Trackwise Designs posts annual loss on lower sales

By BFN News | 07:59 AM | Tuesday 23 June, 2020


Trackwise Designs, which provides specialist products using printed circuit technology, swung to a small annual loss as sales slid at its radio frequency division. Pre-tax losses for the year through December amounted to £129k, compared to a profit of £68k on-year. Revenue fell to £2.91m, back from £3.47m. Trackwise said sales of its improved harness technology, a key growth area for the company rose 55% to £0.94m. 'Despite the economic headwinds faced in 2019, we made encouraging progress against our strategy, with our globally unique IHT technology gaining traction and significant capability and capacity improvements being made that position us well for the future,' chief executive Philip Johnston said. 'That momentum continued into 2020, with our first IHT production order secured in February, a successful fundraise in March and the completion of the acquisition of Stevenage Circuits in April.' 'While we have inevitably experienced some disruption to normal trading patterns since the outbreak of the pandemic and remain cautious about the potential impact of the uncertain global economic outlook on our performance in the second half, our pipeline of opportunities remains healthy.' 'We continue to take steps to lay the foundations for future growth and remain confident that as soon as more normal conditions return, we will be in a strong position to capitalise on increasing demand and deliver long-term, sustainable growth.' Story provided by StockMarketWire.com

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