TPG.L Share News (TPG)

(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."