25 Jan 2016 07:00
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25 January 2016 |
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TP Group plc
("TP Group" or the "Group")
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Trading update and Notice of Results
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TP Group (AIM: TPG), the specialist technology, engineering and managed solutions group announces the following trading update.
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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.
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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.
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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.
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Notice of results
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It is expected that the Group's Final Results for the year ended 31 December 2015 will be published on Tuesday 19 April 2016.
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For further information please contact:
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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 |
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NOTES TO EDITORS
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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.