The PWR Holdings Ltd (ASX: PWH) share price is down 0.97% at open today after a company update on its expected performance to finish off the calendar year.
At the time of writing, the PWR share price is trading at $5.10.
Market update
PWR Holdings produces performance products for the motorsports and automotive industry. Management advised the company had seen strong trading conditions from the months October and November. And with the end of the quarter just weeks away, PWR Holdings is forecasting continued growth.
For the period ending 31 December, PWR Holdings anticipates earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of $10 million to $11.5 million. This represents an increase of more than 30% on the prior corresponding period of $7.6 million achieved.
In addition, the state government awarded the company a 'Made in Queensland' grant of $1.2 million. The donation recognises PWR Holdings' efforts in leading the market in aluminium powder for 3D printers.
The company also successfully completed the relocation of its offices in the United Kingdom to Silverstone. This was undertaken to ensure PWR is situated close within its customers and other industry leading suppliers.
PWR Holdings revealed it has a healthy cash balance of $12 million on hand, after repaying $5 million in loans drawn out during COVID-19. In addition, the company has available debt facilities of more than $15 million, and a unutilised asset finance provision of $7.5 million.
What did management say?
PWR Holdings managing director Kees Weel, welcomed the company's resilient performance, saying:
We have taken prudent, proactive measures to maintain PWR's strong balance sheet and solid working capital position.
About the PWR Holdings share price
The PWR Holdings share price reached an all-time high this week of $5.28. After falling to a 52-week low of $2.50 in March, investors have seen its shares rise above 100%. The PWR Holdings share price is up 9% from the start of the year.
