(Alliance News) - Engineering services firm TP Group PLC said Tuesday its interim loss deepened on higher costs, offsetting a surge in revenue following a "positive" start of 2019.
For the six months ended June, pretax loss deepened to GBP1.1 million from GBP800,000 the year prior. This was despite revenue rising 63% to GBP26.0 million from GBP16.0 million the year before.
Profit performance was hurt by administrative costs almost doubling to GBP8.8 million from GBP5.0 million the year prior.
"We are very pleased to report such a positive start to 2019," TP Chief Executive Officer Phil Cartmell said. "We have been very focused on investing in strengthening our core business, as well as building upon these foundations with acquisitions and partnerships to expand our propositions, customers and geographic reach."
TP does not pay a dividend.
"We have real talent within our team, and are working on exciting technical and commercial plans to build the future value of the business," Cartmell added. "The board is confident in the company's prospects for the rest of this year and anticipates delivering a full-year performance in line with market expectations."
Shares in TP were 0.7% higher at 6.80 pence in London on Tuesday.