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.The AIM-listed firm saw revenues shoot up 52% to £16m for the six months ended 30 June, cutting the group's operating loss by 30% to £700,000.Order intake improved 8% year-on-year to £29.5m, giving TP a closing order book of £56.5m - a 31% gain.Cash and equivalents fell just £900,000 to £21m.TP Group signed its first contracts through its Enterprise Technical Alliance and opened its Advanced Manufacturing Centre in Manchester throughout the period.The company also converted £14.5m of orders from previously signed framework agreements for atmosphere management systems.TP's chief executive Phil Cartmell, said: "We have had a very productive and successful period across the business. The team has converted many new business opportunities, cemented links with established and loyal customers, whilst also reviewing several acquisition opportunities."As of 1420 BST, TP shares had climbed 2.66% to 7.03p.