30 Apr 2021 07:00
30 April 2021
7:00am
TRACKWISE DESIGNS PLC
("Trackwise" or the "Company")
New Site Acquisition, Appointment of COO and Notice of Results
Trackwise Designs (AIM: TWD), a provider of specialist products using printed circuit technology, is pleased to announce the acquisition of a new site, the appointment of a Chief Operating Officer and details of its full year results 2020 release date.
New Site Acquisition
Further to the fundraising announced in November 2020, Trackwise has completed the acquisition of a 77,000 sq. ft. freehold property in Stonehouse, Gloucestershire, for £2.8 million.
The property, selected after a comprehensive review process for its superior layout, location and costs, will enable Trackwise to significantly increase its production capacity to meet the expected demand for its Improved Harness Technology™ ("IHT"). In September 2020 the Company signed a Product Manufacture and Supply Agreement with an EV OEM and expects future orders from customers in its targeted Medical, Aerospace, EV and also other industrial markets.
Trackwise will install an automated roll-to-roll IHT production line at the site with the intention of it being operational in the fourth quarter of this calendar year. The site has capacity for the installation of a second line in the future.
Appointment of Chief Operating Officer
Trackwise has strengthened its senior leadership team with the appointment of Steve Hudson as Chief Operating Officer (non main Board). This is a new position reporting to the Chief Executive, with the COO responsible for overseeing the day-to-day operational functions of the Company across its three sites, including the fit out of the new Stonehouse site.
Steve has over 20 years' experience in the automotive and aerospace industry. He started his career at Rover Group, before moving onto operational, quality and programme leadership roles at Bentley Motors and Rolls Royce Aerospace. He was most recently at Williams Advanced Engineering, where his responsibilities included growing operations and battery manufacturing capability.
Notice of Results
Trackwise will announce its results for the year to 31 December 2020 in early June 2021.
Philip Johnston, CEO of Trackwise, commented: "The acquisition of the new site in Stonehouse marks another important strategic milestone in the Trackwise story. The additional capacity it affords us will underpin our growth plans across our target markets for the foreseeable future. Interest levels in IHT continue to grow across our target verticals, as today's announcement of our agreement with CathPrint AB illustrates, and we are excited about the future for our IHT technology.
"At the same time, I am delighted to welcome Steve to the fold. Trackwise has made remarkable operational progress in a short space of time and with the addition of a third site and plans to grow our team, the business is now at a stage where it will benefit from someone with Steve's expertise and knowhow."
Steve Hudson, new COO of Trackwise, said: "Trackwise is at the forefront of British manufacturing innovation and I am pleased to join at an exciting time in its development. I look forward to supporting Philip and the rest of our teams across our three sites, ensuring we have the strongest possible operational foundations from which to execute our strategy and realise our long-term growth ambitions."
Enquiries:
Trackwise Designs plc | +44 (0)1684 299 930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Mark Hodgkins, CFO | |
finnCap Ltd | +44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby / Tim Harper - Corporate Finance | |
Andrew Burdis / Barney Hayward - ECM | |
Alma PR | +44 (0)20 3405 0205 |
Financial PR and IR | |
David Ison / Caroline Forde / Josh Royston / Kieran Breheny |
Notes to editors
Trackwise is a UK-based manufacturer of specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harness in a variety of industries.
The Company has three sites, located in Tewkesbury, Stevenage (following the acquisition of Stevenage Circuits Ltd in April 2020) and Stonehouse. It serves customers in Europe and North America.
Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk