Tewkesbury printed circuit board manufacturer positive despite challenging results

Trackwise Designs, the Tewkesbury-based printed circuit board manufacturer, which listed on the London Stock Exchange in 2018, has reported a drop in revenues from £3.87 million in 2018 to £2.91 million last year.

But revenues from its Improved Harness Technology, the key growth area for the company, were up 55 per cent to £0.94 million.

Philip Johnston, CEO of Trackwise, said: "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. 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 Limited 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."

Last year Trackwise signed a collaboration with Solihull-headquartered GKN Aerospace, the world's leading multi-technology tier 1 aerospace supplier, and also saw the emergence of the medical appliance sector as a growth area.

The company has more recently seen the first production order for its Improved Harness Technology from an electric vehicle manufacturer.