Trackwise Designs shares were down 17.3% to 50p in late afternoon trading on Friday after the company announced its revenue for FY 2022 was expected to come below market expectations on the back of reduced near-term UK electric vehicle (EV) OEM customer demand.
Trackwise Designs reported a projected adjusted operating profit and pre-tax profit in line with management expectations.
The specialist printed circuit technology products firm highlighted an IHT sales pipeline with 95 clients and opportunities, concentrated in its primary target markets of EVs, medical and aerospace, with a selection of EV opportunities including tier one and tier two supplier options for a number of major OEMs.
The group confirmed a total order book for delivery for £4.6 million in FY 2022, of which the IHT order book was £2.5 million and the APCB order book was £2.1 million.
The company mentioned a total revenue of £3.3 million in the five months to 31 May 2022, including five month IHT revenue of £500,000.
Trackwise Designs noted cash of £3.2 million received in June relating to asset financing for capital equipment currently on site and commissioned at its Stonehouse facility.
The firm said its Stonehouse facility was in the middle of completion and commission work, housing the high-volume, low mix, roll to roll IHT production facility.
The operational setup is set to significantly increase the company’s production capacity to meet expected demand for IHT across its target markets with an initial priority on EVs.