TP Group PLC Trading Update (6526U)
16 July 2018 - 4:00PM
UK Regulatory
TIDMTPG
RNS Number : 6526U
TP Group PLC
16 July 2018
16 July 2018
TP Group plc
("TP Group" or the "Company" or the "Group")
Trading Update
TP Group (AIM: TPG), the specialist services and engineering
group, announces the following trading update for the six months
ended 30 June 2018.
The Board is pleased to report that the Group has made a strong
start to 2018. In a very active first half year, the focus has been
on developing the business in key sectors and geographies. The
Board remains confident in current trading and expects the Group to
deliver full year results in line with market expectations.
Since January, the Group has successfully closed a number of
important orders, including:
-- GBP12.5m of UK framework contracts for submarine equipment
for oxygen generation systems;
-- a five-year framework agreement with Naval Group in France
leading to a firm GBP2m order for atmosphere management
equipment;
-- two contracts with the MoD for TPG Services through our
Enterprise Technical Alliance initiative; and
-- a GBP1.2m order for specialist technical and project support
to Army HQ.
As part of our organic growth strategy, we continue to invest in
our manufacturing capabilities. In February, we opened a new
Advanced Manufacturing Centre in Manchester, which is now fully
operational, working on complex equipment projects and specialist
component machining. The new facility has demonstrated our growing
capability to both new and existing clients and opened discussions
about larger projects in sectors beyond our traditional base.
Our Services business continues to gain sales traction with new
work in secure communications and datalinks to connect
international security forces. This has broadened our customer
relationships and further enhanced our reputation. Significant
contract momentum has been supported by the acquisition of Polaris
Consulting at the end of 2017, and the subsequent integration of
their business into our portfolio of services.
A commercial and technical partnership was signed with Micopore
Inc., an American developer of revolutionary ExtendAir(R) carbon
dioxide adsorbent systems, used in rebreathing and life support
applications. This represents an important first step in developing
transatlantic partnerships for the Group. In keeping with our
stated strategy to expand our global sales footprint, our CEO and
senior leadership team made visits to Australia, south-east Asia
and the United States during the period.
We have also strengthened the sub-board management layer,
including the appointment of James Norwood as Corporate Development
Director in May. This adds further tier-one contractor experience
and has already opened several large-scale opportunities that we
were previously unable to access.
Our acquisition pipeline continues to be active with management
reviewing opportunities whilst maintaining a prudent approach on
suitability and valuation.
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 Securities plc 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.
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London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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