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 RF antennae. In H121 25% of revenues related to exports.
More Trackwise Designs content >Investment summary
As flagged in its July trading update, Trackwise Designs’ H121 group revenues increased by 71% y-o-y to £4.1m, reflecting the acquisition of Stevenage Circuits in March 2020 and a doubling of improved harness technology (IHT) revenues. Revenues from the advanced printed circuit board division were 6% higher than H220 despite supply chain shortages and the adverse impact of Brexit on trading with customers in mainland Europe. Group adjusted EBITDA quadrupled to £0.5m. Management notes the group remains on track to meet market FY21 expectations despite supply chain disruption so we have left our FY21 and FY22 estimates broadly unchanged.
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 | 253.1 | 59.5 |
| 2020A | 6.1 | 0.8 | (0.4) | 1.4 | 144.6 | 52.4 |
| 2021E | 9.0 | 0.9 | (0.7) | (0.9) | N/A | 64.4 |
| 2022E | 22.1 | 4.3 | 1.9 | 6.1 | 33.2 | 13.5 |
Industry outlook
Management expects the new Stonehouse site to start production in Q122. The site will be used for high-volume/low-mix IHT work, initially production for the electric vehicle (EV) OEM, while the Tewkesbury site will be used for low-volume IHT development projects. The Stonehouse site has capacity for the installation of a second line in the future.
Last updated on 14/10/2021Content on Trackwise Designs
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TMT
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Balance sheet |
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| Forecast net debt (£m) | 2.8 |
| Forecast gearing ratio (%) | 11 |
Price performance
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Key management |
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| Philip Johnston | CEO |
| Mark Hodgkins | FD |
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