TEWKESBURY, UK -- Trackwise Designs reported first-half revenues of £4.1 million, up 71% from a year ago.

Gross margin rose 11.2 percentage points to 29%, and adjusted EBITDA was £450,000, up from £10,000.

The printed circuit fabricator swung to a net loss of £570,000, from a profit £920,000, in pat due to additional deferred tax provisions to reflect the change in corporation tax rate.

The adjusted operating loss shrank to £130,000, just one-third of the loss last year.

During the period, Trackwise acquireed a 77,000 sq. ft. freehold property in Stonehouse, Gloucestershire, for £2.8 million, to provide additional IHT production capacity.

The firm said that while business continues to be impacted by supply constraints and inflation, the Group is well-positioned and in-line with market expectations for the full year.

"The development of our third manufacturing site at Stonehouse continues, and we expect to see this completed early in 2022 to meet production demand from our EV OEM customer," said Philip Johnston, CEO, Trackwise. "More widely, we are confident in the opportunities ahead in IHT and we are seeing a fast-growing number of prospects for the application of this technology across our chosen markets. Alongside this, our Advanced PCBs division continues to deliver solid revenues.

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