StockMarketWire.com - Printed circuit technology group Trackwise Designs swung to a first-half profit, owing to a one-off negative goodwill gain on a previous acquisition.

Pre-tax profit for the six months through June amounted to £0.92m, compared to a loss of £0.06m on-year.

Revenue rose to £2.39m, up from £1.55m, but operating profit fell due to lower margins.

Trackwise Designs said a fall in its gross margin to 18%, down from 38%, reflected capacity investment prior to anticipated increased business and the impacts of Covid-19.

'While the business remained open and safely operational throughout the period, like many businesses we were not immune from the impacts of Covid-19,' chief executive Philip Johnston said.

'Nevertheless we have made excellent progress strategically with the acquisition of Stevenage Circuits, which has extended our product range, our expertise and customer base and increased our production capabilities, enabling us to move towards the facility in Tewkesbury becoming dedicated to IHT production.'

At 9:13am: [LON:TWD] Trackwise Designs Plc Ord 4p share price was -6.5p at 165.5p



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