TPG.L Share News (TPG)

(ShareCast News) - Specialist services and engineering company TP Group posted a trading update on Wednesday, confirming that the business performance in FY16, in terms of EBITDA, is likely to significantly exceed current market expectations.The AIM-traded firm also said that, subject to the receipt of expected payments, its year-end cash position is also likely to exceed expectations.Its board expects to make a further update in January and to announce audited results for the year ending 31 December in April.Additionally, due primarily to recent contract wins and a strong order pipeline - including the two sole source Ministry of Defence contracts announced in July and August - the TP Group board is confirmed it expects the outturn for the 2017 financial year, in terms of EBITDA, will be materially ahead of current market expectations."We have made excellent progress during the year, capturing a number of new strategic orders and generally increasing margins across the business," said chief executive Phil Cartmell."A strong platform has been built for 2017 and the management will also continue to look for acquisition opportunities."The board looks forward to the future with confidence."