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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trackwise Designs Plc | LSE:TWD | London | Ordinary Share | GB00BFYT9999 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTWD
RNS Number : 3231B
Trackwise Designs PLC
20 September 2018
20 September 2018
Trackwise Designs Plc
("Trackwise", the "Company" or the "Group")
Interim Results for the six months ended 30 June 2018
Trackwise, a leading provider of specialist products using printed circuit technology, is pleased to announce today its interim results for the year ended 30 June 2018. These results relate to the trading period immediately prior to the Company's recent Admission to AIM.
Financial highlights
-- Revenues of GBP1.846m (2017: GBP1.607m) up 14.9% year on year -- IHT Revenues of GBP331K (2017: GBP53K) up 567% year on year -- Operating profits of GBP154K (2017: GBP100K) up 54% -- EBITDA of GBP347K (2017: GBP202K) -- Gross margins of 39% (2017: 35%) on a like for like basis -- Basic EPS of 0.74 pence per share
Operational highlights
-- Admission to AIM on 31 July 2018 post period end
-- Continued focus on our chosen markets, Aerospace, Automotive, Space and Industrial, and have made further progress in winning new business from a range of customers:-
o In aviation we have developed our work with a Tier 1 UK aerospace manufacturer and moved further forward with developing the industrialisation plan for the integrated harness technology ("IHT") product application;
o Successfully installed a full harness wiring solution to a Boeing subsidiary for large format unmanned aerial vehicles ("UAVs");
o Continued development of our offering to our large European Space Prime Contractor manufacturing flexible printed circuit boards ("PCBs") for solar arrays;
o In automotive our work with a leading OEM has continued and we are actively engaged in the second phase of their EV battery pack management solution and also with multiple other participants in this rapidly evolving field.
o Continued to invest in our technological development with a doubling of headcount in our development team.
Post half year end highlights
-- Successful flotation on AIM in July raising GBP4.6m net in an oversubscribed fundraising
-- We have installed and commissioned the first continuous vertical plating line which enhances our plans to be ready for commercialisation of IHT for use with civil aircraft manufacturer supply in 2019;
Philip Johnston, CEO of Trackwise commented:
"In the last six months the Company has moved to new premises and completed a successful flotation on AIM raising GBP4.6m in an oversubscribed fundraising. Throughout this period, we have continued to be focused on addressing new opportunities.
We are delighted with the growth in IHT revenues and see considerable growth in this area as new markets open up. Current trading is in line with expectations and we view the future with optimism."
Chairman's Statement
I am pleased to be addressing shareholders for the first time following the Company's successful Admission to AIM.
The Company, which will celebrate its 30th anniversary in 2019, has pioneered a state-of-the-art new wiring technology and management are well set to deliver this important development for the next phase of the Company's growth.
I look forward to leading the Board and management on this journey. The Board are delighted to welcome all our new shareholders and thank them for their support.
The RF division has traded in line with expectations for the first half and is expected to do so for the remainder of the year with order books in line with historic patterns and management plans.
Trading in the IHT division continues to be well ahead of last year with a continual increase in enquiries for the use of the technology in a range of applications across our chosen markets. Revenues are well ahead of last year (567%).
We successfully moved our production facility to the larger premises at Ashvale and increased both our capacity and capability whist doing so.
The Company's financial performance for the half year and to the date of this announcement is in line with market expectations for the full year.
For further information contact:
Trackwise Philip Johnston (CEO) / Mark Hodgkins (CFO) +44 016 8429 9930 Arden Partners plc (Nominated Adviser and Broker) Steve Douglas / Ciaran Walsh / Daniel Gee-Summons +44 020 7614 5900 IFC Advisory Limited (Financial PR & IR) Tim Metcalfe / Miles Nolan / Zach Cohen +44 020 3934 6600
Notes to editors
Trackwise is an established business that manufactures specialist products using printed circuit technology. The Company consists of two divisions Radio Frequency ("RF") and Improved Harness Technology ("IHT").
The RF business unit manufactures specialist printed circuits which are primarily used in the antenna infrastructure to support the 3G/4G mobile phone networks. However, the technology has a number of other applications which render the RF business a stable revenue generator.
The IHT division utilises the Company's unique proprietary technology, a patented process that Trackwise has developed to manufacture unlimited length multilayer flexible printed circuits. The Directors believe that the technology has many applications but believe one of its primary uses could be to replace traditional wire harness used in a variety of industries.
Trackwise Designs plc was admitted to trading on AIM on 31 July 2018 with the ticker TWD.
For additional information please visit: www.trackwise.co.uk
Interim Statement of Comprehensive Income for the six months ended 30 June 2018
Notes Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP'000 GBP'000 GBP'000 Revenue 3 1,846 1,606 2 2,821 Cost of sales (1,117) (1,038) (1,751) Gross profit 729 568 1,070 Other operating income 25 - 22 Administrative expenses (600) (460) (1,025) Operating profit 154 100 67 Exceptional Costs (41) - - Finance costs (42) (38) (80) Profit/(loss) before taxation 71 62 (13) Taxation 4 - - 21 Profit and total comprehensive income for the period 71 62 8 ------------ ------------- ------------- Earnings per share (pence) Basic and diluted 6 0.74 0.65 0.084 ------------ ------------- -------------
All activity relates to continuing operations.
Note 9 has details of the IFRS transition adjustments applied to the comparative period results.
Interim Statement of Financial Position
Notes Unaudited Unaudited Audited 30 June 30 June 31 December 2018 2017 2017 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Intangible assets 7 1,913 1,329 1,646 Property, plant and equipment 1,323 851 1,260 3,236 2,180 2,906 ---------- ---------- ------------- Current assets Inventories 357 232 313 Trade and other receivables 1,011 661 550 Current tax receivable 60 34 95 Cash and cash equivalents 80 332 166 ---------- ---------- ------------- 1,508 1,259 1,124 ---------- ---------- ------------- Total assets 4,744 3,439 4,030 ---------- ---------- ------------- LIABILITIES Current liabilities Trade and other payables (1,127) (736) (1,123) Derivative liability (49) - (49) Borrowings 8 (1,173) (280) (662) (2,349) (1,016 (1,834) ---------- ---------- ------------- Non-current liabilities Deferred income - grants (418) (298) (306) Borrowings (426) (491) (410) Deferred tax liabilities (254) (234) (254) ---------- ---------- ------------- (1,098) (1,023) (970) ---------- ---------- ------------- Total liabilities (3,447) (2,039) (2,804)
---------- ---------- ------------- Net assets 1,297 1,400 1,226 ---------- ---------- ------------- EQUITY Share capital 381 14 14 Retained earnings 812 876 722 Revaluation reserve 104 143 123 Capital redemption reserve - 367 367 Total equity 1,297 1,400 1,226 ---------- ---------- -------------
Interim Statement of Changes in Equity
Share Retained earnings Revaluation Capital redemption Total equity capital reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2017 14 795 162 367 1,338 Profit and total comprehensive income for the period 62 - 62 Revaluation realised in period 19 (19) - --------- ------------------ ------------ ------------------- ------------- At 30 June 2017 and 1 July 2017 14 876 143 367 1,400 --------- ------------------ ------------ ------------------- ------------- Loss and total comprehensive expense for the period - (54) - - (54) Dividends paid - (120) - - (120) Revaluation realised in period - 20 (20) - - At 31 December 2017 and 1 January 2018 14 722 123 367 1,226 --------- ------------------ ------------ ------------------- ------------- Profit and total comprehensive income for the period - 71 - - 71 Bonus issue from reserves 367 - (367) - Revaluation realised in period - 19 (19) - ------------ At 30 June 2018 381 812 104 - 1,297 --------- ------------------ ------------ ------------------- ------------- Note Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP'000 GBP'000 GBP'000 Cash flow from operating activities Profit/(loss) for the period before taxation 71 62 (13) Adjustment for: Depreciation of property, plant and equipment 94 88 158 Profit on disposal of property, (1) - - plant and equipment Amortisation of intangible assets 7 57 1 3 Finance costs 42 38 80 Changes in working capital: Decrease/(increase) in inventories (44) 46 (35) (Increase)/decrease in trade and other receivables (461) (23) 88 Increase in trade and other payables 116 341 599 --------------- ------------ ------------- Cash generated from operations (125) 553 880 Income tax received 35 - - --------------- ------------ ------------- Net cash (used in)/from operating activities (91) 553 880 --------------- ------------ ------------- Cash flow from investing activities Purchase of property, plant and equipment (net of new finance leases) (47) (40) (257) Proceeds from sale of property, 1 - - plant and equipment Purchase of intangible assets (net of related grant funding) 7 (324) (200) (402) Net cash used in investing activities (370) (240) (659) --------------- ------------ ------------- Cash flow from financing activities Dividends paid to shareholders - - (120) Interest paid (42) (38) (80) Increase/(decrease) in invoice discounting - (13) (129) Proceeds from borrowings 493 - 515 Repayment of borrowings - (22) (241) Repayment of capital element of finance Lease contracts (76) (30) (122) ----- ------ ------ Net cash from/(used in) financing activities 375 (103) (177) ----- ------ ------ (Decrease)/increased in cash and cash equivalents (86) 210 44 ----- ------ ------ Net cash and cash equivalents at beginning of the period 166 122 122 ----- ------ ------ Net cash and cash equivalents at end of period (all cash balances) 80 332 166 ----- ------ ------
Notes to the Interim Financial Information
1. Corporate information
Trackwise Designs Limited is a Company incorporated in the United Kingdom. The registered address of the Company is 1 Ashvale, Alexandra Way, Ashchurch, Tewkesbury, Gloucestershire, GL20 8NB.
The principal activity of the company is the development, manufacture and sale of printed circuit boards.
2. Accounting policies
Basis of preparation
This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the European Union including IAS 34 'Interim Financial Reporting'. The principal accounting policies used in preparing the interim results are those it expects to apply in its financial statements for the year ending 31 December 2018 and are unchanged from those disclosed in the financial information included in the Company's Alternative Investment Market ('AIM@) listing document in July 2018.
The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements. The financial information for the six months ended 30 June 2018 and 30 June 2017 is unreviewed and unaudited and does not constitute the Company's statutory financial statements for those periods.
The comparative financial information for the full year ended 31 December 2017 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in Sterling.
In line with the transition provisions of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers the Company has elected to apply on transition to these standards on 1 January 2018 a limited retrospective approach. Applying a limited retrospective approach on adoption of IFRS 9 and IFRS 15 in 2018 results in no restatement of comparative periods or in opening retained earnings on 1 January 2018.
3. Segmental reporting
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the company's chief operating decision maker. The chief operating decision maker is considered to be the Board of Directors.
The company comprised only one operating segment until 31 December 2017 for the sale of printed circuit boards. The operating segments are monitored by the chief operating decision maker and strategic decisions are made on the basis of adjusted segment operating results. From January 2018 the RF and IHT activities have begun to be separately reviewed and monitored. Revenue of GBP1,515,000 arose from RF and GBP231,000 from IHT in the six months ended 30 June 2018.
All assets, liabilities and revenues are located in, or derived in, the United Kingdom. The material assets and liabilities relate to overall activity with the exception of the intangible development costs and deferred grants which are solely in respect of IHT.
Notes to the Interim Financial Information
In the six months ended 30 June 2018 the company had two major customers who represented 28% and 9% of total revenue (six months ended 30 June 2017: 41% and 9% of revenue, full year ended 31 December 2017: 33% and 14% of revenue).
Revenue by geographical destination was as follows:
Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP'000 GBP'000 GBP'000 UK 536 354 702 Europe 1,230 1,191 1,983 Other 80 61 136 1,846 1,606 2 2,821 --------------- ------------ -------------
4. Income tax
Taxation is provided at the estimated rate of tax for the period, applying 17% to deferred tax balances, and including the benefit of enhanced allowances for research and development costs.
5. Dividends paid and proposed
Amounts recognised as distributions to equity holders in the period:
Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP'000 GBP'000 GBP'000 Interim ordinary dividends paid for the six months ended 30 June 2018 of nil (six months ended 30 June 2017: nil, year ended 31 December 2017: 1.26) pence per share - - 120 ----------------- -------------- -------------
6. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Earnings Unaudited Unaudited Audited Six months Six months Year ended ended 30 ended 30 31 December June 2018 June 2017 2017 GBP'000 GBP'000 GBP'000 Earnings for the purpose of basic earnings per share being net profit attributable to the shareholders 71 62 8 --------------- ------------ -------------
Notes to the Interim Financial Information
7. Intangible fixed assets
Goodwill Patent Development Total costs costs GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 January 2017 104 52 987 1,143 Additions - - 200 200 As at 30 June 2017 104 52 1,187 1,343 Additions - 3 316 319 As at 31 December 2017 104 55 1,503 1,662 Additions - 5 319 324 As at 30 June 2018 104 60 1,822 1,986 --------- ------------- ------------ -------- Amortisation or impairment At 1 January 2017 - 13 - 13 Charge - 1 - 1 As at 30 June 2017 - 14 - 14 Charge - 2 - 2 As at 31 December 2017 - 16 - 16 Charge - 1 56 57 As at 30 June 2018 - 17 56 73 --------- ------------- ------------ -------- Carrying amount As at 30 June 2017 104 38 1,187 1,329 --------- ------------- ------------ -------- As at 31 December 2017 104 39 1,503 1,646 --------- ------------- ------------ -------- As at 30 June 2018 104 43 1,766 1,913 --------- ------------- ------------ --------
Additions to capitalised development costs represent further and continuing development of the IHT technology and capability.
8. IPO and post balance sheet events
On 31 July 2018, the Company's shares were listed on AIM and 5,238,097 new ordinary shares were placed raising GBP4.6m net of related costs for the company. The existing working capital and loan facilities were repaid with borrowings now comprising only hire purchase facilities used to finance tangible fixed assets.
Copies of this statement will be available on the Company's website (www.trackwise.co.uk) and from Trackwise Designs PLC, 1 Ashvale, Alexandra Way, Tewkesbury, Gloucester, GL20 8HB
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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September 20, 2018 02:00 ET (06:00 GMT)
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