Trackwise expects new facility to meet IHT product demand
( ), a provider of PCB products, updated markets today on its performance so far in the year ended 31 December 2022 (FY22).
Trackwise is a UK-based manufacturer of products using printed circuit technology, including a lightweight replacement for conventional wiring harnesses also known as Improved Harness Technology or IHT which can produce multilayer flexible printed circuits of unlimited length.
The Company's IHT sales pipeline currently has 95 customers and opportunities in total, mostly across the Electric Vehicle, Medical, and Aerospace sectors. In particular, Trackwise has a growing number of Tier 1 and Tier 2 opportunities for major OEMs in the EV market.
In FY22 and to date, its total delivery order book is £4.6m, including £2.5m of IHT products.
While company sales for 2022 are set to land below expectations due to reduced near-term UK EV OEM customer demand, Trackwise told investors today that it should still be able to deliver FY22 adjusted operating profit and adjusted profit before tax in line with expectations.
Total revenue in the five months to 31 May 2022 was £3.3m, including IHT revenue of £0.5 million. By contrast, group revenue for the six month period ended 30 June 2021 was £4.6m.
Trackwise is currently in the process of opening a third manufacturing facility in Stonehouse Gloucestershire and the recently acquired site will initially be used for the EV programme.
This third manufacturing facility is expected to complement the Company's existing facilities in Tewkesbury and Stevenage. The site is also expected to significantly increase Trackwise's production capacity to meet expected demand for IHT products across its target markets.
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