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Trackwise Designs, a leading provider of specialist products using printed circuit technology, provides an update on current trading for the year ended 31 December 2022 (FY22).
FY22 trading update
The Company now has an IHT sales pipeline with 95 customers and opportunities in total (excluding any early stage opportunities) predominantly across the primary target markets of Electric Vehicles ("EV"), Medical and Aerospace. Notably, the Group has a growing number of opportunities in the EV target market, including Tier 1 and Tier 2 supplier opportunities for a number of major OEMs.
However, in the short term, due to reduced near term UK EV OEM customer demand, Group sales in 2022 are now expected to be below previous market expectations. Despite this revenue impact, the Group reports that, due to the benefit of specific contract terms, it expects to deliver FY22 adjusted operating profit*, and adjusted profit before tax*, in line with market expectations.
The Company's total order book for delivery in FY22 is currently £4.6 million, of which the IHT order book is £2.5 million, and the APCB order book is £2.1 million.
For the five months to 31 May 2022 the Company has achieved total revenue of £3.3 million (6 months to 30 June 2021: £4.1 million, 12 months to 31 December 2021: £8.0 million), which includes five month IHT revenue of £0.5 million (6 months to 30 June 2021: £0.6 million, 12 months to 31 December 2021: £1.5 million).
Cash of £3.2m has been received this month relating to asset financing for capital equipment now on site and commissioned at Stonehouse.
Completion and commission work is continuing at Stonehouse. The site houses the high-volume, low mix, roll to roll IHT production facility and will significantly increase Trackwise's production capacity to meet expected demand for IHT across its target markets, initially prioritising EV. The Company looks forward to inviting investors to a Capital Markets Day at Stonehouse later this year.