TEWKESBURY, UK – Trackwise Designs reported first-half revenue fell 16% to £1.55 million (US$1.93 million).

For the first six months of 2019, the firm posted a pre-tax loss of £87,000 (US$108,576), compared to a loss of £71,000 (US$88,608) in the first six months of 2018.

The company warned of a material fall in full-year revenue and operating profit.

“Market conditions have not improved since the half-year, and the board now anticipates a material reduction in revenue and operating profit for the year in comparison to market expectations,” said Trackwise.