(Alliance News) - Shares fell in Trackwise Designs PLC on Friday after the company warned that sales for 2022 will fall short of market expectations, as a result of reduced near term demand from UK electric vehicle OEM customers.
Shares in the Tewkesbury, Gloucestershire-based printed circuit products maker were 17% lower at 50.40 pence on Friday in London.
In spite of revenue being poised to miss market expectations, Trackwise said adjusted pretax profit is set to be in line, through the benefit of specific contract terms.
For the five months ended May 31, the company achieved GBP3.3 million in revenue, compared to GBP4.1 million made in the first half of 2021.
Trackwise also said it has an Improved Harness Technology sales pipeline of 95 customers, spread through it target markets of Electric Vehicles, Medical and Aerospace.
For 2022 to date, the company's order book for delivery is at GBP4.6 million.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
