LONDON (Alliance News) - TP Group PLC Wednesday warned that a number of contracts it had expected to fall in 2015 have been pushed into 2016, and will "materially" hit its revenue for 2015, as a result of "ongoing pressures" in the energy market.
However, the technology, engineering and managed services company said it remains on track to deliver breakeven adjusted earnings before interest, tax, depreciation and amortisation, and "at least" meet market cash expectations, as it continued to reduce its losses over the year.
Additionally, TP said that despite the slowdown in energy markets, it has grown margins over the period which has mitigated the hit from the shift of orders into 2016.
"The business continues to make good progress, having diversified into new markets, and positioned our technology in new applications. We will exit 2015 with a solid technical platform, a strong order book and a lower overall cost base that supports our previously stated aim to become cash generative and deliver positive EBITDA in 2016," the company said in a statement.
Shares in TP Group were down 4% at 2.76 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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