TP Group PLC Confirmation of contract award (2690B)
03 April 2017 - 4:00PM
UK Regulatory
TIDMTPG
RNS Number : 2690B
TP Group PLC
03 April 2017
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
3 April 2017
TP Group plc
("TP Group" or the "Company" or the "Group")
Confirmation of contract award
TP Group (AIM: TPG), the specialist services and engineering
group, announces that TPG Maritime has been awarded a contract by
the Ministry of Defence ('MoD'), following successful negotiations
first announced on 4 July 2016. This agreement will see TPG
Maritime manage equipment availability and spares provision for air
purification systems on board Royal Navy submarines currently in
service.
The 5 year contract has an option for a further 2 year extension
and is estimated by the Company and the MoD to be worth at least
GBP22m (at 2017 prices) over 7 years, although the final value is
dependent on, inter alia, spares usage.
Phil Cartmell, Chief Executive Officer of TP Group,
commented:
"We are delighted to confirm this significant contract which
will see TPG continue to support advanced, safety-critical systems
in the Royal Navy's submarine programme. This recognition
re-enforces our long-term partnership with the Ministry of Defence
and provides visibility of future work and revenue in
Portsmouth."
For further information, please contact:
TP Group plc Tel: 01753 285 810
Phil Cartmell, Chief
Executive Officer
Derren Stroud, Chief
Financial Officer
www.tpgroup.uk.com
Cenkos Tel: 020 7397 8980
Mark Connelly / Callum
Davidson
www.cenkos.com
Vigo Communications Tel: 020 7830 9700
Jeremy Garcia / Fiona
Henson
www.vigocomms.com
Notes to Editors
TP Group designs and develops advanced technologies, engineers
complex equipment and systems, and provides support throughout
their operational life. The Company's shares have been traded on
AIM since July 2001.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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