Trackwise enjoys 'promising start' to the year

26th Jun 2019 08:59

(Sharecast News) - Specialist products provider Trackwise Designs told investors on Wednesday that it had enjoyed "a promising start" to the year, building on the progress made since its IPO in June 2018.It revealed that its radio frequency division had continued to provide a steady, profitable basis for the business and noted that its management team was "making good progress" with the introduction of its proprietary improved harness technology to the broader market.The AIM-listed group also highlighted that interest continued to grow from a number of potential customers across aviation, automotive, medical, space and industrial markets.Trackwise did caution that the new business being won and developed was "lumpy in its quantum and drawn out in its adoption", due to the need to configure technical aspects of products in conjunction with its customers' technology. However, the firm assured shareholders that each new project had the potential to generate "significant revenue over the long-term" due to the size of the end markets.All in all, Trackwise said it was currently trading in line with market expectations and its operational progress and continued growth in customer numbers provided it with confidence in its long-term prospects.As at 0900 BST, Trackwise shares had picked up 2.01% to 138.23p.