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TP Group shrinks loss to nil as it integrates acquisitions

Tue, 02nd Apr 2019 11:05

(Sharecast News) - Engineering and support services firm TP Group announced revenue ahead of forecast in its audited results on Tuesday, with the total rising 40% to £39.0m, which it said was underpinned by "strong" customer momentum.The AIM-traded company said of that revenue growth, £5.4m was derived from acquired companies Polaris Consulting and Westek Technology.Adjusted operating profit for the year ended 31 December was ahead of forecast, and up 85% to £4.0m, which was said to have been driven by a focus on improving margin and delivery performance.Operating losses narrowed to nil, from a £1.0m loss in 2017, which the directors said reflected one-off acquisition-related expenses and further depreciation and amortisation relating to investments in the business.Closing cash was ahead of forecast at £22.4m, rising from £21.9m year-on-year, which was said to have been driven by "strong" working capital performance, while the company's order intake slipped to £43.2m from £44.7m, and its closing order book rose 16% to £48.3m.On the operational front, TP Group said Polaris was now "fully integrated", and had been awarded £1m of Ministry of Defence funding to continue its work on artificial intelligence systems.The firm acquired Westek Technology in November, which the board said enhanced the group's electronic design and packaging capabilities, as well bringing in "major customers" specialising in the construction of aircraft and land vehicles.It also signed a five-year framework agreement with Naval Group for work on atmosphere management systems on-board both submarine and surface ships.The group's advanced manufacturing facility in Manchester opened in February, enabling the group to deliver complex engineering solutions in high value, premium markets, while TP Group also noted that it had signed a partnership agreement with US-based Micropore, giving it access to markets and customers in the UK and in Micropore's territories.TP Group said it continued to grow its international presence with established relationships across France, Germany, Australia, the Middle East and southeast Asia.The group said it was "ideally placed" to capitalise on the "substantial opportunities" in its markets, and was focused on delivering "another solid year" of progress, both organically and by acquisition."2018 has been an excellent year for TP Group," said chief executive officer Phil Cartmell."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."Cartmell said the company had seen a "strong start" to 2019, supported by a large order book, which had grown "substantially" since last year."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."
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15 Aug 2022 09:45

TP Group widens annual loss in "challenging" year as costs rise

(Alliance News) - TP Group PLC on Monday reported a widened pretax loss in a "challenging" 2021.

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12 Jul 2022 16:06

IN BRIEF: TP Group completes sale of Sapienza Consulting

TP Group PLC - Wincanton, England-based consulting, software and engineering company - Completes the sale of Sapienza Consulting Holdings BV to a wholly owned subsidiary of Serco Group PLC, a FTSE 250-listed outsourcer. Half of the net proceeds, around GBP1 million, will now be used to part repay the company's GBP7 million loan facility with HSBC Bank PLC.

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28 Jun 2022 14:24

IN BRIEF: TP Group shares drop as it expects annual loss to widen

TP Group PLC - Wincanton, England-based consulting, software and engineering company - Provides an update on the board's current expectations for delayed results for the year ended on December 31, 2021. It anticipates a widened pretax loss for 2021 to be GBP7.4 million compared to GBP3.6 million a year ago, as it cites "one-off loan arrangement fees [which] increased the finance costs by GBP200,000 to GBP500,000 year on year". Operating loss is expected to widen to GBP6.9 million from GBP3.3 million. Gross profit is also expected to drop to GBP7.5 million from GBP8.5million year-on-year.

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21 Jun 2022 16:05

UK shareholder meetings calendar - next 7 days

Wednesday 22 June 
ASA International Group PLCAGM
Atalaya Mining PLCAGM
Bonhill Group PLCAGM
Chapel Down Group PLCAGM
Churchill China PLCAGM
Downing Renewables & Infrastructure Trust PLCGM re share issue
Ecofin US Renewables Infrastructure Trust PLCAGM
EJF Investments LtdAGM
Frenkel Topping Group PLCAGM
Good Energy Group PLCAGM
Honeycomb Investment Trust PLCAGM
ICG-Longbow Senior Secured UK Property Debt Investments LtdAGM
Intelligent Ultrasound Group PLCAGM
Iofina PLCAGM
John Wood Group PLCAGM
Kingfisher PLCAGM
LXi REIT PLCGM
Menhaden PLCAGM
North Atlantic Smaller Cos Investment Trust PLCAGM
Pennant International Group PLCAGM
Plant Health Care PLCAGM
Skillcast Group PLCAGM
Team PLCAGM
Tribal Group PLCGM re final dividend
Trident Royalties PLCAGM
Vertu Motors PLCAGM
Wentworth Resources PLCAGM
Thursday 23 June 
Avacta Group PLCAGM
Anglo Asian Mining PLCAGM
Card Factory PLCAGM
Cordiant Digital Infrastructure LtdAGM
Downing Renewables & Infrastructure Trust PLCGM re initial placing & open offer
Eight Capital Partners PLCGM re aligning 2022 bonds with 2026 bonds
GENinCode PLCAGM
Ideagen PLCGM re takeover by Hg Pooled Management Ltd
Longboat Energy PLCAGM
Oxford Nanopore Technologies PLCAGM
Puma VCT 13 PLCGM re cancellation of listing & liquidation
RBG Holdings PLCAGM
Tandem Group PLCAGM
Union Jack Oil PLCAGM
Zinnwald Lithium PLCAGM
Friday 24 June 
AFC Energy PLCGM re fees for non-executive directors
Avast PLCAGM
Devolver Digital IncAGM
Entain PLCAGM
Gulf Keystone Petroleum LtdAGM
Hawkwing PLCAGM
Invesco Bond Income Plus LtdAGM
Life Science REITAGM
Northcoders Group PLCAGM
Princess Private Equity Holding LtdAGM
Monday 27 June 
Anglo-Eastern Plantations PLCAGM
Celadon Pharmaceuticals PLCAGM
Cizzle Biotechnology Holdings PLCAGM
Echo Energy PLCAGM
Medica Group PLCAGM
Pelatro PLCAGM
Surgical Innovations Group PLCAGM
Warpaint London PLCAGM
Tuesday 28 June 
4D Pharma PLCAGM
Acceler8 Ventures PLCAGM
Airtel Africa PLCAGM
Alina Holdings PLCAGM
Aquila Energy Efficiency Trust PLCAGM
Attraqt Group PLCAGM
Bay Capital PLCAGM
Capital & Counties Properties PLCAGM
CMO Group PLCAGM
Corre Energy BVAGM
Creo Medical Group PLCAGM
Futura Medical PLCAGM
Gama Aviation PLCAGM
ICG Enterprise Trust PLCAGM
ImmuPharma PLCAGM
IQE PLCAGM
Katoro Gold PLCAGM
Rockhopper Exploration PLCAGM
Sound Energy PLCAGM
TP Group PLCAGM
UK Oil & Gas PLCAGM
Volvere PLCAGM
Zegona Communications PLCAGM
  
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20 Jun 2022 17:54

IN BRIEF: TP Group delays 2021 results to settle legacy contracts

TP Group PLC - Wincanton, England-based consulting, software and engineering company - Granted additional time to file annual results by AIM Regulation as it continues audit process.

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26 May 2022 22:00

TRADING UPDATES: DP Eurasia posts strong sales growth on Turkey demand

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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1 Apr 2022 16:10

TP Group sells Northstar software to QinetiQ

(Sharecast News) - TP Group announced on Friday that it has agreed to sell its Northstar autonomous navigation software to QinetiQ for cash consideration of £0.6m.

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1 Apr 2022 12:25

TRADING UPDATES: Yooma, Love Hemp in UK boost; Peel Hunt tops forecast

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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11 Feb 2022 19:42

IN BRIEF: TP Group expects added charges from impairments, provisions

TP Group PLC - Wincanton, England-based consulting, software and engineering company - As at December 31, net debt stands at GBP1.6 million, while cash position is GBP5.4 million.

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11 Feb 2022 14:09

TP Group making 'difficult decisions' over legacy maritime contracts

(Sharecast News) - Engineering and consulting company TP Group said in an update on Friday that at the end of 2021 its net debt totalled £1.6m, with £5.4m of cash, £7m of bank debt, and the Science Group loan undrawn.

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1 Nov 2021 16:25

EXECUTIVE CHANGES: TP Group CEO out as Science Group tightens grip

EXECUTIVE CHANGES: TP Group CEO out as Science Group tightens grip

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29 Oct 2021 15:57

EXECUTIVE CHANGES: TP chair resigns amid pressure from Science Group

EXECUTIVE CHANGES: TP chair resigns amid pressure from Science Group

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26 Oct 2021 19:21

IN BRIEF: Science Group seeks removal of TP Group chair

IN BRIEF: Science Group seeks removal of TP Group chair

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14 Oct 2021 15:23

EXECUTIVE CHANGES: Purplebricks CFO exits; TP adds Science Group reps

EXECUTIVE CHANGES: Purplebricks CFO exits; TP adds Science Group reps

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30 Sep 2021 16:05

EXECUTIVE CHANGES: 3i, Best of the Best and HICL appoint new chairs

EXECUTIVE CHANGES: 3i, Best of the Best and HICL appoint new chairs

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