25 Jan 2016 07:00
25 January 2016 |
TP Group plc
("TP Group" or the "Group")
Trading update and Notice of Results
TP Group (AIM: TPG), the specialist technology, engineering and managed solutions group announces the following trading update.
The Board is pleased to report that the Group continued to make good progress in the final quarter of 2015. Results are expected to show that Group has achieved a key target for the year by being adjusted EBITDA breakeven, and the Group closed the year with a cash balance of £7.0m, which is ahead of expectations.
This performance is a result of adjusting the strategic focus of the Group to reduce exposure to non-revenue generating R&D and to focus on the Group's existing network of customers, whilst seeking new uses for the Group's proven technologies in commercial projects.
A strong pipeline of future opportunities provides good visibility of 2016 business and the Group is benefitting from a healthy opening order book, qualified frameworks and pull-through from existing customers. From this position, the Board is confident that the Group can continue its progress this year.
Notice of results
It is expected that the Group's Final Results for the year ended 31 December 2015 will be published on Tuesday 19 April 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 | |
Stephen Keys / Mark Connelly www.cenkos.com
| 020 7397 8980 |
Vigo Communications | |
Jeremy Garcia / Fiona Henson | 020 7016 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 AIM since July 2001.