LONDON (Alliance News) - Engineer TP Group PLC on Monday said it is set to break even for the full year after a change of strategic focus in 2015.
The company said its adjusted earnings before interest, taxation, depreciation and amortisation is expected to hit breakeven for the year to the end of December, with its cash balance to be ahead of its expectations at GBP7.0 million.
TP said the performance resulted from the group cutting down on the volume of non-revenue-generating research and development work and focusing on boosting business from its existing customer base.
TP said it has a good order book in place, giving robust visibility to its revenue pipeline for 2016, and is confident it will continue to deliver strong results in the coming year.
TP expects to publish its final results for 2015 on April 19.
TP shares were up 17% to 2.49 pence early Monday, one of the best performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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