Trackwise FY losses widen amid contract delays

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.

Reporting by Iain Gilbert at Sharecast.com