LONDON (Alliance News) - Printed circuit board maker Trackwise Designs PLC said Thursday its interim profit rose on the back of increased wiring harness product sales.
For the six months ended June, pretax profit widened 15% to GBP71,000 from GBP62,000 the year prior. This was after revenue rose 15% to GBP1.8 million from GBP1.6 million the year before.
Revenue performance was boosted by a strong performance in its integrated harness technology business. Revenue in that unit jumped more than six times to GBP331,000 from GBP53,000 the year before.
Trackwise does not pay an interim dividend.
"In the last six months the company has moved to new premises and completed a successful flotation on AIM raising GBP4.6 million in an oversubscribed fundraising," Trackwise Chief Executive Officer Philip Johnston said. "Throughout this period, we have continued to be focused on addressing new opportunities."
In July, Trackwise had its initial public offer on the AIM market of the London Stock Exchange. The listing price was 105 pence per share, valuing the firm with a market capitalisation of GBP15.5 million at the time.
Shares in Trackwise were 1.2% higher at 117.95 pence on Thursday.
"We are delighted with the growth in IHT revenues and see considerable growth in this area as new markets open up," Johnston added. "Current trading is in line with expectations and we view the future with optimism."