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Trackwise Reports 71% Revenue Growth for 1H 2021
September 17, 2021 | Trackwise Designs PLCEstimated reading time: 1 minute
Trackwise Designs, a provider of specialist products using printed circuit technology, has reported revenues of £4.1 million for the six months ended 30 June 2021, up by 71% from the £2.4 million revenues in the first half of last year.
The company's Improved Harness Technology (IHT), the patented technology which enables the manufacture of length-unlimited multi-layer flexible printed circuit boards, registered revenues of £0.58 million for the period, up from £0.25 million in the previous year.
During the first half of the year, the company acquired 77,000 sq. ft. of freehold property in Stonehouse, Gloucestershire, for £2.8 million, to provide additional IHT production capacity. The capital investment program for the facility is aligned with an electric vehicle customer's proposed OEM product delivery schedule of early 2022.
While trading continues to be impacted by supply constraints and inflation, the group is well-positioned to manage these pressures and is tracking in line with market expectations for the full year.
"The development of our third manufacturing site at Stonehouse continues, and we expect to see this completed early in 2022 to meet production demand from our EV OEM customer," said Philip Johnston, CEO of Trackwise. "More widely, we are confident in the opportunities ahead in IHT and we are seeing a fast-growing number of prospects for the application of this technology across our chosen markets. Alongside this, our Advanced PCBs division continues to deliver solid revenues. We are positive about the prospects for future growth for Trackwise and we look forward to providing further updates on our progress to the market."
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