LONDON (Alliance News) - Engineering firm TP Group PLC said Tuesday its 2018 loss narrowed significantly on the year prior as revenue surged, amid an "excellent" year for the company.
In 2018, pretax loss was reduced to GBP110,000 from GBP1.0 million the year prior. This was after revenue jumped 40% to GBP39.0 million from GBP27.9 million the year before.
"2018 has been an excellent year for TP Group," Chief Executive Officer Phil Cartmell said. "We now have a business of significant scale and international reach, which we fully intend to leverage over the coming years. As we enter the next phase of our plan and engage more actively with customers and partners overseas, we envisage the Group will grow further, extending into new geographies and sectors."
TP does not pay a dividend. About this, the company said its "directors continually evaluate group performance".
"We have seen a strong start to 2019 supported by a large order book, which has grown substantially since last year," CEO Cartmell added.
At the end of 2018, TP reported its order book grew 16% to GBP48.3 million from GBP41.7 million the year prior. Order intake in 2018 amounted to GBP43.2 million, slightly slower than the GBP44.7 million reported in 2017.
"We continue to invest in the growth of our business, remain excited by the global market opportunities and are focused on delivering further shareholder value", Cartmell concluded.
Shares in TP were marginally higher at 6.20 pence on Tuesday.