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Trackwise Designs


Market Cap£24m

Last Close 65p

Trackwise Designs is a UK manufacturer of specialist products using printed circuit technology. These include a lightweight replacement for conventional wiring harnesses known as IHT and advanced PCBs: microwave and radio frequency, short flex, flex rigid and rigid multilayer products.

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Investment summary

Trackwise has raised £6.0m through an oversubscribed placing and subscription at 80p/share that was approved at a general meeting in January, plus a further £1.0m through an oversubscribed open offer, also at 80p/share, which completed in early January. The funds raised will be used primarily to provide working capital as the company prepares to support an order worth up to £54m over four years from a UK electric vehicle (EV) manufacturer. Management expects the EV programme to start ramping up in H122, backed by purchase orders for Q122 and Q222 totalling over £3.5m.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 2.9 0.5 0.1 0.8 81.3 19.1
2020A 6.1 0.8 (0.4) 1.4 46.4 16.8
2021E 8.0 0.7 (1.0) (1.2) N/A 26.6
2022E 20.8 3.2 0.4 1.6 40.6 7.6
Industry outlook

In January, Trackwise announced that it expected FY21 revenues to be c £8.1m, in line with guidance it provided in December, generating an operating loss (adjusted for exceptional costs and share-based payments) of c £0.5m. We left our estimates unchanged.

Last updated on 23/05/2022
Content on Trackwise Designs
Trackwise Designs – Connection under demanding conditions
TMT | research Outlook | 13 January 2022
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Trackwise Designs – Fundraising supports EV contract
TMT | research Update | 23 December 2021
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Trackwise Designs – Progress in both divisions during H121
TMT | research Update | 29 September 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 4.6
Forecast gearing ratio (%) 18
Price performance
Actual (12.2) (16.7) (72.2)
Relative* (11.5) (16.3) (73.2)
52-week high/low 260.1p/63.5p
*% relative to local index
Key management
Philip Johnston CEO
Mark Hodgkins FD