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.
More Trackwise Designs content >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) |
EBITDA (£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 23/05/2022Content on Trackwise Designs















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TMT
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Balance sheet |
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Forecast net debt (£m) | 4.6 |
Forecast gearing ratio (%) | 18 |
Price performance
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Key management |
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Philip Johnston | CEO |
Mark Hodgkins | FD |
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