9 Dec 2015 14:42
For immediate release | 9 December 2015 |
TP Group plc
("TPG" or the "Group")
Trading Statement
TP Group (AIM: TPG), the specialist technology, engineering and managed solutions group focused on the aerospace & defence and energy & process industry sectors, announces the following update on trading for 2015.
The Group has continued to reduce losses over the period and remains on track to deliver breakeven adjusted EBITDA, at least meet market cash expectations, and end the year with a robust order book. The aerospace & defence sector continues to perform strongly, however, ongoing pressures in the energy market have caused a number of delays or constraints on capital spend in customer programmes. This has moved a number of contracts expected to fall in 2015 into 2016, materially impacting the Group's projected 2015 revenues.
Despite the slowdown in energy markets, we have succeeded in growing margins over the period, mitigating the impact of the shift in 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.
For further information please contact:
TP Group Plc | |
Phil Cartmell, Chief Executive Officer | 01753 285 810 |
Mark Crawford, Chief Financial Officer www.tpgroup.uk.com
| |
Cenkos | |
Steven Keys / Mark Connelly www.cenkos.com
| 020 7397 8980 |
Vigo Communications | |
Jeremy Garcia / Fiona Henson | 020 701 6 9570 |
www.vigocomms.com |
NOTES TO EDITORS
TP Group is a group of innovative UK based engineering companies, supplying technologies and support to global Aerospace & Defence and Energy & Process Industries markets. The Group designs and develops advanced technologies; engineers complex equipment and systems; and provides support throughout their operational life. TP Group shares have been traded on the London Alternative Investment Market (AIM) since July 2001.