(Alliance News) - Trackwise Designs PLC on Friday said it expects boosted full-year revenue on a strong performance by its Improved Harness Technology arm but a widened operating loss.
The Gloucestershire, England-based manufactures specialist products using printed circuit technology.
It expects to report revenue for 2021 at around GBP8.1 million, up 33% from revenue of GBP6.1 million posted the year before.
This is due to "record" revenue from its Improved Harness Technology division that more than doubled to GBP1.4 million from GBP600,000 the year prior.
More negatively, Trackwise anticipates an annual adjusted operating loss of GBP540,000, widened from GBP190,000 the year before.
Nonetheless, the company noted that both results are in line with expectations.
Trackwise received orders for the first and second quarter of this year from an unnamed, UK-based electric vehicle original equipment manufacturer customer.
These orders currently total more than GBP3.5 million and Trackwise expects to receive further orders in the third and fourth quarter.
Net debt was GBP4.16 million at year-end, prior to the receipt of its second placing tranche and the open offer net proceeds of its recent equity raise.
The equity raise ended in the current year with proceeds of around GBP5.9 million, before expenses, Trackwise said.
Separately, it announced the appointment of Paul Cook as chief financial officer designate. The company described Cooke as an experienced finance professional, who was most recently chief operating and compliance officer at YFM Equity Partners Ltd.
"2021 was another year of continued progress in Trackwise's development. Notwithstanding the various challenges posed by an uncertain economic environment, we continued to build out our operations to lay the foundations for sustainable, long-term growth," Chief Executive Philip Johnston commented.
Shares were up 3.7% at 85.00 pence each on Friday afternoon in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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