Trackwise profits on the rise in first results since AIM flotation

Trackwise Designs saw revenues and profits move ahead in the first six months of its trading year.

Revenues climbed 14.9% to £1.84m in the six months ended 30 June and operating profits shot up 54% to £154,000.

Trackwise, which actually floated on AIM post-period end on 1 July, turned in an EBITDA of £347,000 - a 71% improvement year-on-year.

Gross margins expanded to 39% from the 35% reported a year earlier.

In its aviation unit, Trackwise developed its work with an unnamed "tier one UK aerospace manufacturer" and moved further forward with developing its integrated harness technology and in automotive, the firm's work with a "leading OEM" progressed to the second phase.

Philip Johnston, chief executive of Trackwise said: "In the last six months the company has moved to new premises and completed a successful flotation on AIM raising £4.6m 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."

As of 0940 BST, Trackwise shares had picked up 1.24% to 117.95p.