Trackwise Designs Plc (LON: TWD), a leading provider of specialist products using printed circuit technology, has today announced its audited results for the year ended 31 December 2018.
Financial Highlights
· Revenues up 23% to £3.47m
· IHT revenues up 217%
· Adjusted Operating profit up 385% to £325k
· Adjusted EBITDA rises 171% to £618k
· Net cash of £2.79m
Operational Highlights
· Move to new enhanced operating site successfully completed
· Investment in world class flexible printed circuit board facility begun and £1,281k invested in capacity and capability
· Installation of two new process lines
· IHT customers and opportunities increased from 7 to 31 over the year and to 45 by end of March 2019
· Delivery of first ship set for the wiring harness for High Altitude Pseudo Satellite
Outlook
The new year has begun steadily with revenue in line with our expectations. There is some delay in ordering from new IHT customers and there is, inevitably, some uncertainty regarding the impact of Brexit, but we continue to experience accelerating interest and demand for the IHT technology.
The precise timing of many of these new opportunities is outside of Trackwise’s control as a consequence of the development nature of the customers’ needs, but the accretion of customers, which has accelerated in this current year to date gives us confidence that our strategy remains on track.
Commenting on the results, Trackwise Designs plc Chairman Ian Griffiths said:
“2018 was a year of significant progress for the company and the results show the benefits of the strategy for operational development and growth in the business in line with our core strategy outlined at the time of the IPO.
“The improved financial results reflect the hard work and achievements of 2018.
“The accretion of customers, which has accelerated in this current year to date gives us confidence that our outlook is that over the medium term the expectations set out at the time of flotation will be achieved.”
Commenting on the results, Philip Johnston, Chief Executive Officer of Trackwise, added:
“I would like to express my thanks to all the stakeholders who contributed to this very busy and transformational year, in particular, to all of our loyal and hardworking staff, without whom none of this would have been possible, and to the customers and investors that have shown confidence in us and our technology.
“This confidence has allowed Trackwise to plan and now to deliver a world class multi-layer flexible PCB production facility.
“In 2018 we increased revenue by 23% compared to last year at the same time increasing our adjusted operating profit by 385% to £325K.”
