Printed circuit technology group Trackwise Designs warned on Thursday that full-year losses had widened as a result of delays to a recently won contract.

Trackwise Designs cautioned that it will see delays to the manufacture and delivery of parts under the contract as the customer undertakes a redesign and validation of parts needed to meet revised design requirements.

The AIM-listed group stated the financial impact of the delay had not yet been quantified but highlighted that funds from the contract were intended to be used to secure funding through to August.

Trackwise now expects to report full-year revenues of £7.52m, down from £8.01m, an operating loss of around £2.92m, down from £580,000 a year earlier, and a pre-tax loss of £7.71m - a significant widening from the prior year's loss of £1.98m.

As of 1110 BST, Trackwise shares had tumbled 46.61% to 0.61p.

About Trackwise Designs

Trackwise Designs plc manufactures specialist products using printed circuit technology. With a wide range of potential applications though diverse markets such as aerospace, automotive, medical and scientific & industrial, the products are exported around the world, including the USA, Australia, Europe and China.

△ IHT – world record breaking 72m long, multi layer flex circuit

Founded in 1989 as a printed circuit board (PCB) design bureau, Trackwise has always specialised in large format PCBs. In 2010, it developed the globally unique capability of producing multi layer, flexible printed circuit boards of any length. This process is called Improved Harness Technology™ (IHT).

The company has focussed on exploiting this capability and has built up an enviable customer list and track record of working in partnership with many world class innovators and engineers.