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 six months ended June, pretax loss narrowed to GBP800,000 from GBP957,000 the year prior. This is after revenue rose to GBP16.0 million from GBP10.5 million the year before.
Profit performance was held back by a rise in costs during the period. Administrative expenses rose to GBP4.9 million from GBP3.9 million the year prior. Non-operating costs jumped to GBP597,000 from GBP305,000 the year before.
"We have had a very productive and successful period across the business," TP Chief Executive Officer Phil Cartmell said. "The team has converted many new business opportunities, cemented links with established and loyal customers, whilst also reviewing several acquisition opportunities."
TP does not currently pay a dividend.
"Our focus and reputation in our core markets has led to our largest ever order book which positions us well for the second half of the year," Cartmell said. "The management layer that supports the board is performing well and the acquired companies are making positive contributions to our success."
The order intake rose to GBP29.5 million from GBP27.4 million the year prior. This left the order book at GBP56.5 million from the GBP43.0 million reported six months earlier.
"I look forward to updating the market on further developments as they materialise and remain confident in the group's prospects for the rest of 2018 and beyond," Cartmell concluded.
Shares in TP were 2.3% higher at 7.01 pence on Tuesday.