LONDON (Alliance News) - The chair of TP Group PLC said Thursday that 2019 had continued to build on the "excellent" progress in 2018 amid contract wins and an acquisition.
Speaking at the annual general meeting of the engineering services firm, Chair Andrew McCree explained the AIM-listed company "is continuing to build upon the excellent progress achieved in 2018."
in 2018, TP slashed its pretax loss to GBP110,000 from GBP1.0 million the year prior as revenue jumped 40% to GBP39.0 million.
"So far this year, as previously announced, we have signed a number of major new contract wins, alongside the acquisition of Sapienza Consulting, which forms part of our plan to become a global high-technology business which delivers value to all our stakeholders," McCree added.
In early May, TP bought Sapienza Consulting Holding BV for up to EUR13.5 million in a cash-and-shares deal.
"We have been actively exploring selected acquisitions and partnerships, to complement our organic growth," McCree added.
"Last month we were pleased to announce the acquisition of Sapienza Consulting which improves the group's access to European markets, the space industry, significant new customers and a range of additional and highly complementary technologies," McCree said. "We have also been building relationships in the United States with leading technology providers and recently announced a licensing agreement with Battelle Inc of Columbus, Ohio.
"TP Group is now an established business with enhanced international reach, a wide range of advanced technologies and relationships with which we can serve our customers," McCree explained. "I believe the group is well-positioned to capitalise on the substantial opportunities in our markets in line with our strategic objectives and deliver another good year of progress."
Shares in TP were unchanged at 7.10 pence on Thursday.