Shares in tech firm suspended as directors struggle to complete annual audit

Gloucestershire firm Trackwise has been forced to suspend its shares as it battles to deal with the impact of delays in a key contract.

The printed circuit maker which made a loss of £7.7m last year has been locked in talks with EV OEM over a major contract.

The AIM listed company was due to publish its annual report by the end of June.

The company said that due to intense demands upon the entire management team in dealing both with the impact of the EV OEM contract and working to secure new business, there has been a delay in completion of the audit process.

The company expects to publish its results next month and as a result trading in its shares has been suspended.

In March announced that it expected a delay in the manufacture and deliveries of a fixed quantity of flexible printed circuit boards to EV OEM.

EV OEM has been carrying out a redesign and validation of the parts to meet their revised requirements.

Trackwise say EV OEM is in material breach of its contract as they have failed to engage with the company in good faith.

The delay caused by the EV OEM means that the planned increase in working capital associated with start of production has been delayed.

The company has also released a trading statement.

It is forecasting full year revenues of £7.52m  and an adjusted operating loss of approximately £2.95m compared to a loss of £580,000 last year.

The loss before taxation is expected to be £7.74m compared to a loss £1.98m last year.