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Step change coming as the effects of a three year restructuring programme goes from CAPEX to bottom line. Yes it will be subdued by Covid but the progress will be evident and a prospects-driven rerate based on solid evidence should happen quickly. The future is indeed bright given the huge range of industrial applications for RNO tech and products.

Spot on TT

Directors have been consistent buyers. Renold produces quality product and proven superiority over cheaper inferior products. Machinery downtime is a huge cost across the multitude of fields in which Renold works and quality/superior product will win. Cheap inferior chains for all uses cost companies more cash in the medium term. Worth 30p with current prospects as the 3 yr CAPEX intense restructuring has just completed allowing future profits to drop straight to the bottom line. Buying.

Quality and the fact that a lot of TP business is embedded will help. New areas of expertise are being added to existing infrastructure. The business has excellent credibility which crosses the divisions. Either under existing management or a bigger player, TP technology is high value high barrier to entry. Worth 15p a share any day of the week. Looking at 0.6p eps gives a fair p/e.

Worth at least 3x current MCap any day of the week. Loaded up.

'Johnson-Matthey'

Johnson Matthew highlight importance and future of hydrogen this morning
Hydrogen will be key in achieving net zero and is a fast growing market

Addressing climate change remains an urgent priority. Across the globe commitments to net zero are accelerating with 53% of the world's GDP committing to net zero targets by 2050, up from 16% a year ago. As demand for cleaner energy increases, achieving net zero will require fundamental changes across our energy supply chain. Hydrogen will play a key role as it helps to decarbonise energy and transportation, and the opportunity is significant. We are seeing increasing momentum with recent policy announcements in many countries and regions including Germany, France, South Korea and the European Union, promoting greater adoption of hydrogen.
TP, through its hydrogen expertise alone, is becoming a very tasty morsel for the likes of BP, Shell, JM as they gobble up capabilities to diversify.

Not an activist investor, it will be a stateside wealth fund. Aviva has long been mooted as a sum-of-the parts greater than the whole business. The disconnect is now just too great for a splits player to ignore.........once the first shot is fired expect more to jump off the sidelines. Just an obs over time.

Key clues here are hidden in the website testimonials from CAA, Cobham, MOD, all of whom extol the speed and professionality of Osprey. Interesting that the NAV of the company quadrupled from y/e 2018 to Y/e 2019. Traction.

At 5.8 EV/EBITDA it looks good value and apparently no staff have been furloughed which also looks encouraging. I take on board the depressed aviation sector at present but that's why TP have pounced on Osprey after six months due diligence.
Lots of good back room stuff here complementary to TP ops.

Also - John Arden (founder and MD) is staying on whilst Peter Giles (co founder and chairman) is taking opportunity to retire after 14 yrs.

Much as I'd just love a 'clean' set of accounts with no acquisitions it is logical to pick up complementary businesses at a discount. Osprey brings in high calibre competent talent at very low cost. This looks a good deal at £2.5m upfront and upto £1.25m on performance. Given that t/o was £4.6m and EBITDA £0.6m the figures look good too. Better than sitting on £2.5m in the bank earning zilch. I'm sure TP can leverage a lot more out of this using shared talent across the group especially wrt Sapienza. As an aside, the Osprey website is excellent. I particularly like the way it engages with the youngsters.....very clever on a lot of fronts for young qualifieds with families. Allows them to 'engage' with the future at an early age. Not really relevant to the big picture but it's attention to detail that wins contracts, confidence and loyalty.

Decent company with specialist consultants should have lots of overlap with existing TP consultancies. Good price and decent outlook in growth area.
https://ospreycsl.co.uk/

Sad to see you capitulate Chequemate as I think a step-change is closer now than at anytime in the past 3 years. TP Group are coalescing a huge amount of IP into projects with high barriers to entry requiring a lot of proven competence. The company ticks the boxes and tangible clean profits are very close indeed.

Yep, this is like a coiled spring at the moment wrt in-house expertise on so many important fronts. The latest being:
https://www.tpgroupglobal.com/what-we-do/bespoke-engineering-solutions/renewable-energy-systems/hydrogen-energy

I just want to know who is holding the big L&G wedge as it sure makes for an interesting horizon given all that's going on.

Anyone wanting to get into TP Group needs to do the research quickly and make their decision to get on board. The range and depth of products and services has now risen to such a level as to make the current MCap ludicrously cheap. The stand-alone electrolytic units designed and proven to produce high grade oxygen and pressurised hydrogen are in themselves game changers here. H2 tech is worth ££££s.

Pause for breath gave me time to top up yet again, thanks MM's, this has got legs again and the astute buyers are taking the reins again. £100m MCap any day of the week here.

Phil Cartmel has always stated that his aim was to assemble a cutting-edge company with high barrier to entry technology and an MCap in excess of £100m (hence TP group encouraging Technology and Partnership). The rationale was that £100m is the point at which institutional investors start to take the small high growth stocks seriously. One above that lower radar threshold, the upward trajectory becomes progressively easier and more sustained. TP undoubtedly now have all the components in place to achieve that target and then we will see a snowball effect. I reiterate that the sheer depth of IP within the group that has diverse applications is woefully underestimated. It will be the astute institutions with small cap specialists who see the opportunity here and start the serious rerate. The intrigue for me, holding a fair investment here, is where the L&G wedge has been held or distributed. I believe that we may have an accumulator here as no holdings RNS has been issued....is a MM filling his book with a specific purpose or for a specific destination....intriguing.

This must surely jump to a whole new trading range now. The quality of all aspects plus substantial contracts with guaranteed forward income is now compelling. This has £100m +++ all over it either as a standalone or a juicy addition to any number of players home and abroad. It has now jumped out of being a tech/defence play into a whole new investment arena. Ding ding....still too cheap on all criteria.