LONDON (Alliance News) - Trackwise Designs PLC on Wednesday said its 2018 profit is expected to be in line with market expectations after growth in both of its divisions, and Improved Harness Technology in particular.
The specialist circuit manufacturer said that both its Radio Frequency and Improved Harness Technology have experienced "strong growth" in 2018 compared to 2017.
As reported in September, the firm's interim pretax profit increased to GBP71,000 in the first half of 2018 from GBP62,000 in the year ago period.
For the year as a whole, the company now expects results "in line with market expectations, subject to year-end financial close and audit procedures".
Trackwise said its profit margin is improving as a result of its product mix and move to a new facility at the end of 2017.
However, the company has experienced some ordering delays from its Improved Harness Technology business customers and noted "some uncertainty regarding the impact of Brexit".
The company has a number of Improved Harness Technology projects in the aerospace, automotive, industrial, and space industries, though notes that the timing of these is "outside of Trackwise control".
Trackwise Chief Executive Philip Johnston said: "We are very pleased with the growth in [Improved Harness Technology] revenues during 2018 and see considerable expansion in this area as new markets open up. Current trading remains in line with expectations and we view the future with optimism despite the uncertainties around Brexit and the global economy.
"2019 has begun strongly with an increasing level of enquiries from new customers for IHT solutions."
Shares in Trackwise were up 1.5% at 99.00 pence on Wednesday.
