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TP Group to buy ALS Technologies, Flexible Software Solutions for £2.75m

Tue, 07th Feb 2017 08:49

(ShareCast News) - Engineering firm TP Group is to buy ALS Technologies and Flexible Software Solutions (FSS) for a combined £2.75m in order to enhance its presence in the defence, commercial and aerospace sectors.An initial £1.25m will be paid, funded from the company's existing cash resources on a debt and cash free basis, with a further payment of up to £1.5m to be made depending on the delivery of profit related earn-out targets over the first 20 months from completion.The AIM-listed company said that the acquisitions of ALD and FSS will extend its existing business activity to specialise in systems engineering and technical project support to defence and other sectors. The acquisitions will also give the company access to additional customers and programmes, while allowing it to cross sell new services.The purchases will be funded from TP Group's existing cash resources and will be accretive to earnings in the year of completion.TP Group chief executive Phil Cartmell said: "The enlarged group will bring critical mass to our services business and should stimulate growth in both ALS and FSS, as they benefit from greater market reach and presence delivered by TPG."Somerset-based ALS, which provides systems engineering, mission support, flight control, combat systems and tactical information systems for the aerospace and defence markets, reporter revenue of £4.3m and pre-tax profit of £500,000 in the financial year ended 30 September 2016, and had assets worth £800,000.FSS, also based in Somerset, develops safety-critical software for the defence and commercial sectors, generated revenue of about £200,00 and was about breakeven in the year ended 31 December 2016, with assets worth £100,000.Steve Lafferty and Steve Bray, directors of both companies, will remain with the businesses and continue to lead activities.Shares in TP Group were down 0.39% to 6.35p at 0853 GMT.
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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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1 May 2019 09:14

TP Shares Rise On EUR13.5 Million Sapienza Consulting Acquisition (ALLISS)

LONDON (Alliance News) - Shares in engineering firm TP Group PLC jumped Wednesday after it acquired Sapienza Consulting Holding BV for up to EUR13.5 million in a cash-and-shares deal as it looks a

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4 Apr 2019 11:45

TP Group scores MoD contract extensions

(Sharecast News) - TP Group was on Thursday awarded two contract extensions worth a combined value of approximately £1.4m to its existing work within the space engineering sector for the Ministry of Defence (MoD).

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2 Apr 2019 11:05

TP Group shrinks loss to nil as it integrates acquisitions

(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.

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2 Apr 2019 09:29

TP Group 2018 Loss Shallows On Revenue Surge And Order Book Strength

LONDON (Alliance News) - Engineering firm TP Group PLC said Tuesday its 2018 loss narrowed significantly on the year prior as revenue surged, amid an "excellent" year for the 2018, loss

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30 Jan 2019 15:11

TP Group gets another order for submarine equipment

(Sharecast News) - Specialist services and engineering company TP Group announced an order worth £0.8m on Wednesday, to supply carbon dioxide removal equipment for fitment to a new-build submarine by an overseas shipbuilder.

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30 Jan 2019 11:28

TP Group Wins GBP800,000 Order For Carbon Dioxide Removal Equipment

LONDON (Alliance News) - Services and engineering group TP Group PLC said on Wednesday it has received an order worth GBP800,000 to supply carbon dioxide removal equipment by an unnamed overseas a

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22 Jan 2019 14:52

TP Group wins another GE contract

(Sharecast News) - Specialist services and engineering group TP Group has been awarded an additional contract by Baker Hughes - a GE company - within the nuclear sector, it announced on Tuesday.

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15 Jan 2019 13:18

TP Group Revenue To Beat Expectations As Strong Performance Continues

LONDON (Alliance News) - Specialist services and engineering group TP Group PLC on Tuesday said revenue and cash for 2018 will beat expectations after strong performance.Trading in the half

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5 Nov 2018 09:21

TP Group Buys Rugged Server Maker Westek Technology For GBP3.5 Million

LONDON (Alliance News) - Engineering firm TP Group PLC said Monday it had acquired rugged computer servers firm Westek Technology Ltd for up to GBP3.5 million.Wiltshire-based Westek servers

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10 Oct 2018 11:22

TP Group Awarded UK Ministry Of Defence Funding For AI Sea Vehicles

LONDON (Alliance News) - TP Group PLC said Wednesday it has been awarded GBP900,000 in development funding from the UK Ministry of Defence, under the Defence Growth Partnership Innovation to one a

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10 Oct 2018 08:11

TP Group receives development funding from the MoD

(Sharecast News) - TP Group has been awarded £900,000 in development funding from the Ministry of Defence as part of the Defence Growth Partnership Innovation Challenge.

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11 Sep 2018 14:10

TP Group narrows losses in first half

(Sharecast News) - TP Group's losses narrowed across the first half of its trading year as the specialist services and engineering firm began to deliver on its growth strategy.

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11 Sep 2018 09:19

TP Interim Loss Narrows As Revenue, Order Rise In Strong Year

LONDON (Alliance News) - Engineering firm TP Group PLC said Tuesday its interim loss narrowed as revenue and orders progressed in what it termed a "strong" set of results.For the

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31 May 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Friday 1 JuneGANJPMorgan US Smaller Co IT (re right issue)Monday 4 Infrastructure Holdings (re

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