A Gloucestershire manufacturing firm has delayed publishing its full financial results and suspended trading in its shares on the London Stock Exchange.
Trackwise Designs, which specialises in printed circuit technology products used in the aerospace, automotive, medical and scientific sectors, had been set to publish its annual report, with details of its 2022 financial year, on Friday (June 30).
But in a statement to investors, bosses at the Tewkesbury-headquartered firm said there has been a delay in completion of the audit process, due to “intense demands” on its management team.
The board said it was currently in talks with a client over a contract and it was working to secure new business.
The AIM-listed company said it now expected to publish its report in July, and accordingly trading in its ordinary shares would be suspended with effect from Monday morning (July 3), pending publication of the report.
Trackwise, a recent recipient of a King’s Award for Enterprise, said that subject to its audit, it was expecting to report a pre-tax loss of £7.7m during 2022 - widened from a near £2m loss recorded in 2021. Full year revenue was also forecast to dip to around £7.5m from approximately £8m a year earlier.
The company, which employs around 130 staff, said that at the end of last year net debt stood at £9.34m, and it had completed an equity fundraise during its current financial year of approximately £4.75m, before expenses.
Bosses added the company had a “significant pipeline” of sales opportunities and had recently received a six-figure purchase order from a US aerospace parts firm for qualification test samples.
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