At today’s Annual General Meeting of Trackwise Designs Plc (LON: TWD), a leading provider of specialist products using printed circuit technology, the Board announced today that it will give shareholders the following update and review of the business.
We have enjoyed a promising start to the year, building on the progress made since the IPO in June 2018. The Radio Frequency division continues to provide a steady, profitable basis for the business. The management team are making good progress with the introduction of the Company’s proprietary Improved Harness Technology to the broader market. Interest continues to grow from an increasing number of potential customers across aviation, automotive, medical, space and industrial markets.
Of note in the first few months of the year has been the successful delivery of the second ship set for the wiring harness of a UAV/High Altitude Pseudo Satellite for a US aerospace OEM and the expansion of our customer opportunities within the medical sector, where we now have four active development opportunities.
The new business being won and developed is by its nature lumpy in its quantum and drawn out in its adoption, due to the need to configure technical aspects of the product in conjunction with our customers’ technology. However, each new project has the potential to generate significant revenue over the long-term due to the size of the end markets.
The productivity and efficiency of our manufacturing capabilities continues to take considerable strides forward, benefiting from the successful installation of three new processing lines, including a vertical continuous plating line, the first of its kind in Europe.
Trackwise Designs Plc is currently trading in line with market expectations and our operational progress and continued growth in customer numbers provides the Board with confidence in the long-term prospects for Trackwise.