(Sharecast News) - Mission-critical solutions provider TP Group had another year of substantial growth in both revenue and adjusted operating profits in 2019, with a significant strengthening of the group's order book.
TP said on Monday that its "strong performance" had been driven by both organic growth and acquired business activities.
The AIM-listed company highlighted its acquisition of Sapienza Consulting in May 2019 for having strengthened its capabilities in project consulting and resourcing and giving it a substantial presence in the Space sector - with multiple locations across Europe.
TP said it would continue to evaluate further opportunities through strategic partnerships as well as acquisitions, both in the UK and overseas.
Chief executive Phil Cartmell said: "We are extremely pleased with the company's operational and financial performance in 2019, coupled with the successful integration of Sapienza into the group.
"I believe 2020 will be an exciting year for the group, with our strongest ever opening order book, proven capabilities in our core business and with exciting initiatives in areas such as artificial intelligence and clean energy solutions - two key growth opportunities for the company."
TP expects to post its audited full-year results on 31 March.
Separately, TP revealed it had been awarded a contract worth approximately £1.7m by its German partner, Roda Computer GmbH, for the provision of a suite of bespoke military ruggedised computer servers and display units.
As of 0925 GMT, TP shares were up 1.80% at 8.18p.
1 May 2019 10:02
TP Group expands in space market through Sapienza acquisition
(Sharecast News) - Specialist services and engineering company TP Group announced the acquisition of the entire issued share capital of Sapienza Consulting Holding on Wednesday, for an initial cash consideration of €10m and €1.5m by way of the issue of 20,612,865 new ordinary shares.
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