TEWKESBURY, ENGLAND -- Trackwise Designs reported full year revenues rose 109% year-over-year to £6.07 million ($8.45 million), but the adjusted operating loss fell to £190,000 verus a profit of £260,000.

Pretax profit for the year was £406,000, up from a loss of £129,000 for 2019, the printed circuit fabricator said.

Covid-related delays and factory upgrades will result in the company realizing some revenues more slowly than expected, however.

The company said its supply relationship with an undisclosed UK electric vehicle OEM will be extended a year and the volumes increased, but production has been pushed out to 2022 rather than in 2021. the deal is potentially worth 54 million pounds ($75 million) through December 2024.

"What has become clear during the early part of 2021 is evidence of increasing supply chain stress, with increased prices and lengthening delivery timescales for a number of key raw materials. Sales have not been lost but this is impacting our ability to complete some orders on a timely basis in both our Advanced PCB and IHT divisions," said Philip Johnston, chief executive, Trackwise, in a statement.

"We have continued to work with our UK EV OEM customer on development improvements to the products we will be producing for them. As a result, it is now anticipated that our volume production, initially expected toward the end of 2021, will begin in early 2022. Combined, these factors above will have an impact on revenues in 2021, although some will be offset by new business from other smaller customers as well as a continued focus on cost controls."

1 GBP = 1.39230 USD