TEWKESBURY, UK – Trackwise Designs reported 2019 revenue of £2.9 million (US$3.6 million), down 16.1% year-over-year.

Pre-tax losses for the year were £129,000, compared to profit of £68,000 in 2018.

Sales slid at its radio frequency division, while sales of improved harness technology rose 55%.

“Despite the economic headwinds faced in 2019, we made encouraging progress against our strategy, with our globally unique IHT technology gaining traction and significant capability and capacity improvements being made that position us well for the future,” said CEO Philip Johnston.

“That momentum continued into 2020, with our first IHT production order secured in February, a successful fundraise in March and the completion of the acquisition of Stevenage Circuits in April.

“While we have inevitably experienced some disruption to normal trading patterns since the outbreak of the pandemic and remain cautious about the potential impact of the uncertain global economic outlook on our performance in the second half, our pipeline of opportunities remains healthy.

“We continue to take steps to lay the foundations for future growth and remain confident that as soon as more normal conditions return, we will be in a strong position to capitalize on increasing demand and deliver long-term, sustainable growth.”

Ed.: £1 = US$1.25

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