26 Jun 2019 07:00
26th June 2019
TRACKWISE DESIGNS PLC
("Trackwise" or the "Company")
AGM Statement
At today's Annual General Meeting of Trackwise Designs Plc, a leading provider of specialist products using printed circuit technology, the Board will give shareholders the following update and review of the business.
We have enjoyed a promising start to the year, building on the progress made since the IPO in June 2018. The Radio Frequency division continues to provide a steady, profitable basis for the business. The management team are making good progress with the introduction of the Company's proprietary Improved Harness Technology ("IHT") to the broader market. Interest continues to grow from an increasing number of potential customers across aviation, automotive, medical, space and industrial markets.
Of note in the first few months of the year has been the successful delivery of the second ship set for the wiring harness of a UAV/High Altitude Pseudo Satellite for a US aerospace OEM and the expansion of our customer opportunities within the medical sector, where we now have four active development opportunities.
The new business being won and developed is by its nature lumpy in its quantum and drawn out in its adoption, due to the need to configure technical aspects of the product in conjunction with our customers' technology. However, each new project has the potential to generate significant revenue over the long-term due to the size of the end markets.
The productivity and efficiency of our manufacturing capabilities continues to take considerable strides forward, benefiting from the successful installation of three new processing lines, including a vertical continuous plating line, the first of its kind in Europe.
The Company is currently trading in line with market expectations and our operational progress and continued growth in customer numbers provides the Board with confidence in the long-term prospects for Trackwise.
Enquiries:
Trackwise Designs PLC www.trackwise.co.uk
Philip Johnston, CEO +44 (0) 1684 299930
Mark Hodgkins, CFO
Arden Partners plc
NOMAD and Broker
Ciaran Walsh/Steve Douglas/Dan Gee-Summons +44(0)20 7614 5900
Alma PR
Financial PR and IR
Josh Royston/Caroline Forde +44(0)20 3405 0212
Notes to editors
Trackwise is an established business that manufactures specialist products using printed circuit technology. The Company consists of two divisions Radio Frequency ("RF") and Improved Harness Technology ("IHT").
The RF business unit manufactures specialist printed circuits which are primarily used in the antenna infrastructure to support the 4G/5G mobile phone networks. However, the technology has a number of other applications which render the RF business a stable revenue generator.
The IHT division utilises the Company's unique proprietary technology, a patented process that Trackwise has developed to manufacture unlimited length multilayer flexible printed circuits. The Directors believe that the technology has many applications but believe one of its primary uses could be to replace traditional wire harness used in a variety of industries.
Trackwise Designs plc was admitted to trading on AIM on 31 July 2018 with the ticker TWD.
For additional information please visit: www.trackwise.co.uk