Trackwise Designs PLC New Site, Appointment of COO and Notice of Results (1444X)
April 30 2021 - 1:00AM
UK Regulatory
TIDMTWD
RNS Number : 1444X
Trackwise Designs PLC
30 April 2021
30 April 2021
7:00am
TRACKWISE DESIGNS PLC
("Trackwise" or the "Company")
New Site Acquisition, Appointment of COO and Notice of
Results
Trackwise Designs (AIM: TWD), a provider of specialist products
using printed circuit technology, is pleased to announce the
acquisition of a new site, the appointment of a Chief Operating
Officer and details of its full year results 2020 release date.
New Site Acquisition
Further to the fundraising announced in November 2020, Trackwise
has completed the acquisition of a 77,000 sq. ft. freehold property
in Stonehouse, Gloucestershire, for GBP2.8 million.
The property, selected after a comprehensive review process for
its superior layout, location and costs, will enable Trackwise to
significantly increase its production capacity to meet the expected
demand for its Improved Harness Technology (TM) ("IHT"). In
September 2020 the Company signed a Product Manufacture and Supply
Agreement with an EV OEM and expects future orders from customers
in its targeted Medical, Aerospace, EV and also other industrial
markets.
Trackwise will install an automated roll-to-roll IHT production
line at the site with the intention of it being operational in the
fourth quarter of this calendar year. The site has capacity for the
installation of a second line in the future.
Appointment of Chief Operating Officer
Trackwise has strengthened its senior leadership team with the
appointment of Steve Hudson as Chief Operating Officer (non main
Board). This is a new position reporting to the Chief Executive,
with the COO responsible for overseeing the day-to-day operational
functions of the Company across its three sites, including the fit
out of the new Stonehouse site.
Steve has over 20 years' experience in the automotive and
aerospace industry. He started his career at Rover Group, before
moving onto operational, quality and programme leadership roles at
Bentley Motors and Rolls Royce Aerospace. He was most recently at
Williams Advanced Engineering, where his responsibilities included
growing operations and battery manufacturing capability.
Notice of Results
Trackwise will announce its results for the year to 31 December
2020 in early June 2021.
Philip Johnston, CEO of Trackwise, commented: "The acquisition
of the new site in Stonehouse marks another important strategic
milestone in the Trackwise story. The additional capacity it
affords us will underpin our growth plans across our target markets
for the foreseeable future. Interest levels in IHT continue to grow
across our target verticals, as today's announcement of our
agreement with CathPrint AB illustrates, and we are excited about
the future for our IHT technology.
"At the same time, I am delighted to welcome Steve to the fold.
Trackwise has made remarkable operational progress in a short space
of time and with the addition of a third site and plans to grow our
team, the business is now at a stage where it will benefit from
someone with Steve's expertise and knowhow."
Steve Hudson, new COO of Trackwise, said: "Trackwise is at the
forefront of British manufacturing innovation and I am pleased to
join at an exciting time in its development. I look forward to
supporting Philip and the rest of our teams across our three sites,
ensuring we have the strongest possible operational foundations
from which to execute our strategy and realise our long-term growth
ambitions."
Enquiries:
Trackwise Designs plc +44 (0)1684 299 930
Philip Johnston, CEO www.trackwise.co.uk
Mark Hodgkins, CFO
finnCap Ltd +44 (0)20 7220 0500
NOMAD and Broker
Ed Frisby / Tim Harper - Corporate Finance
Andrew Burdis / Barney Hayward - ECM
Alma PR +44 (0)20 3405 0205
Financial PR and IR
David Ison / Caroline Forde / Josh Royston
/ Kieran Breheny
Notes to editors
Trackwise is a UK-based manufacturer of specialist products
using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harness in a variety of industries.
The Company has three sites, located in Tewkesbury, Stevenage
(following the acquisition of Stevenage Circuits Ltd in April 2020)
and Stonehouse. It serves customers in Europe and North
America.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk
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