Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established t...

Trackwise Designs - Termination of coverage

Edison Investment Research is terminating coverage on SandpiperCl (SANDPI), Mirriad Advertising (MIRI), Trackwise Designs (TWD), Lookers (LOOK) and BerGenBio (BGBIO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Trackwise Designs - Connection under demanding conditions

Trackwise Designs has developed a proprietary, proven technology, IHT, for manufacturing extremely long, flexible circuits that can replace conventional wiring harnesses. This disruptive technology is applicable to many industries including electric vehicles (EVs), medical devices and aerospace. Since listing in July 2018, Trackwise has invested substantially in capacity, acquiring Stevenage Circuits in March 2020 and a new site in Stonehouse in April 2021. The new site is scheduled to commence ...

Trackwise Designs - Connection under demanding conditions

Trackwise Designs has developed a proprietary, proven technology, IHT, for manufacturing extremely long, flexible circuits that can replace conventional wiring harnesses. This disruptive technology is applicable to many industries including electric vehicles (EVs), medical devices and aerospace. Since listing in July 2018, Trackwise has invested substantially in capacity, acquiring Stevenage Circuits in March 2020 and a new site in Stonehouse in April 2021. The new site is scheduled to commence ...

Trackwise Designs - Fundraising supports EV contract

Trackwise Designs has announced a fund-raising programme that will raise up to £7.0m (gross) at 80p/share to help provide the working capital needed to support a previously announced order for improved harness technology (IHT) worth up to £54m from a UK electric vehicle (EV) manufacturer. Management notes that FY21 group revenues are expected to be approximately £8.0m because of weaker demand for its advanced printed circuits boards (PCBs) so we have downgraded our FY21 and FY22 EBITDA estimates...

Trackwise Designs - Fundraising supports EV contract

Trackwise Designs has announced a fund-raising programme that will raise up to £7.0m (gross) at 80p/share to help provide the working capital needed to support a previously announced order for improved harness technology (IHT) worth up to £54m from a UK electric vehicle (EV) manufacturer. Management notes that FY21 group revenues are expected to be approximately £8.0m because of weaker demand for its advanced printed circuits boards (PCBs) so we have downgraded our FY21 and FY22 EBITDA estimates...

Trackwise Designs - Progress in both divisions during H121

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 IHT revenues, while adjusted EBITDA quadrupled to £0.5m. Management notes the group remains on track to meet market FY21 expectations despite supply chain disruption, so we leave our FY21 and FY22 estimates broadly unchanged.

Trackwise Designs - Progress in both divisions during H121

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 IHT revenues, while adjusted EBITDA quadrupled to £0.5m. Management notes the group remains on track to meet market FY21 expectations despite supply chain disruption, so we leave our FY21 and FY22 estimates broadly unchanged.

Trackwise Designs - Strong growth in IHT revenues during H121

Trackwise Designs expects H121 group revenues to increase 71% year-on-year to £4.1m, reflecting the acquisition of Stevenage Circuits (SCL) in March 2020 and a 130% jump in IHT revenues to £0.6m. Management expects adjusted EBITDA to quadruple to £0.45m and adjusted operating loss to narrow from £0.4m to £0.1m. We leave our estimates unchanged.

Trackwise Designs - Strategic progress in challenging environment

Trackwise Designs’ FY20 results show a resilient response to the pandemic while management expanded IHT capacity to meet the requirements of a multi-million order from an undisclosed UK electric vehicle (EV) OEM. This OEM has recently extended its supply and manufacture agreement with Trackwise from three years to four, increasing the total value by £16m to up to £54m. We note that the volume ramp-up under this agreement has been delayed by a quarter to H122, so we have revised our FY21 estimate...

Trackwise Designs - Agreement in medical devices market

Trackwise has announced a seven-year supply agreement with CathPrint, which has created a novel technique for manufacturing catheters. Assuming the ongoing development project supplying Trackwise’s Improved Harness Technology (IHT) to CathPrint for advanced catheters is successful, this potentially represents sales of significant volumes of IHT for medical applications from FY23 onwards. This announcement coincides with the news that Trackwise has completed the acquisition of a new site in Glouc...

Trackwise Designs - Year-end slowdown in sales

Trackwise has announced that it expects FY20 revenues to be c £6.1m, which is lower than our estimate, reflecting disruptions to supply chains caused by tighter coronavirus restrictions and uncertainty about the Brexit deal. However, careful cost control means that management expects adjusted operating losses to be c £0.2m, in line with our estimates. We have updated our FY20 forecasts but leave our FY21 estimates, which are underpinned by an order worth up to £38m over three years from a UK ele...

Trackwise Designs - Open offer oversubscribed

Trackwise has confirmed the results of its open offer, which was oversubscribed and, together with a placing, has raised £12.6m (gross). This will fund a new manufacturing facility that will quadruple IHT production capacity. The additional capacity is required to support the up to £38m electric vehicle (EV) contract announced in September and potential volume orders from electrosurgical catheter manufacturers and aerospace OEMs and suppliers. It will also support future production for nuclear f...

Trackwise Designs - IHT capacity to be quadrupled

Trackwise has announced a placing and open offer, potentially raising up to £12.0m (gross). This is to fund a new manufacturing facility that is expected to quadruple IHT production capacity. The additional capacity is required to support the up to £38m electric vehicle (EV) contract announced in September and potential volume orders from electro-surgical catheter manufacturers and aerospace OEMs and suppliers.