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Trackwise warns on short-term revenues

Fri, 24th Jun 2022 07:52

(Sharecast News) - Manufacturer Trackwise Designs warned on Friday that short-term group sales were now expected to be below previous market expectations.

Trackwise said it now has an Improved Harness Technology sales pipeline with 95 customers and opportunities across its primary target markets of electric vehicles, medical, and aerospace.

However, Trackwise stated that reduced near-term UK electric vehicle OEM customer demand had led to a decline in sales, with revenues slipping to £3.3m in the five months ended 31 May, compared to £4.1m in the six months ended 30 June 2021.

Despite this revenue impact, Trackwise expects to deliver full-year adjusted operating profits and adjusted pre-tax profits in line with market expectations.

On another note, Trackwise said completion and commission work was continuing at its Stonehouse facility.

As of 0835 BST, Trackwise shares were down 7.44% at 56.0p.

Reporting by Iain Gilbert at Sharecast.com

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