TP Group PLC Trading Update (8363M)
26 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMTPG
RNS Number : 8363M
TP Group PLC
26 January 2021
26 January 2021
TP Group plc
("TP Group" or the "Company" or the "Group")
Trading update
TP Group (AIM: TPG), the providers of mission-critical solutions
for a more secure world, announces the following trading update for
the year ended 31 December 2020.
The Board would like to thank all our management and staff for
their continued sterling efforts during these most difficult
times.
The Covid-19 pandemic has and continues to influence some of our
global and domestic projects due to ongoing travel restrictions
which have impacted both the supply chain and customer engagement.
This has inevitably had an effect on margins during the financial
year within certain programmes across the Group, as reported in the
interim results. The Company did see improvement to both gross
profit and adjusted operating profit margins, from continuing
operations, during the second half of 2020. Unaudited revenues for
the year are expected to be c.GBP58.0 million (2019: GBP58.2
million), with unaudited adjusted operating profit of c.GBP3.8
million (2019: GBP5.9 million). The Company drew down GBP7.0
million of the HSBC bank facility, which was used for the
acquisition of Osprey Consulting (c.GBP2.5 million), as well as
managing working capital on key programs impacted by the Covid-19
pandemic. The Company closed the year with a cash balance of
c.GBP7.4 million after this draw down.
Business activity was robust in the last quarter of 2020 and
this has continued in the early weeks of 2021 to provide a solid
platform for the year ahead. The Board is pleased to report a
forward order book growing year-on-year to c.GBP69.0 million (2019:
GBP63.8 million).
All financial data presented here refers to continuing
operations, including the activity for Group's business in
Portsmouth.
New programs include advanced carbon dioxide removal systems for
a large engineering prime contractor in South East Asia. In
Artificial Intelligence, we are delivering autonomous path planning
on an unmanned submarine in coastal waters in the absence of GPS
positioning for the Defence and Security Accelerator (DASA),
working with the National Oceanography Centre (NOC), whilst the
Consulting team has extended their client side support work on a
strategic satellite communications programme.
TP Group has also secured additional relationships within the
renewable energy sector, linking up with rail and air transport
operators and industrial energy system providers to define new
solutions in those markets. In Europe, TP Group has extended its
activities further beyond European Space Agency programmes to the
European Patent Office and European Geostationary Navigation
Overlay Service (EGNOS). The Consulting business is building upon
the acquisition of Osprey Consulting with air safety management
consulting work in Scotland, helping to assure safer air travel for
1.7m passengers per year across eleven airports and also securing
an initial contract in Europe for 5G deployment on-board trains,
which is our first step into the exciting field of 5G
consulting.
Outlook
The Board remains confident that the strategy to focus on
delivering consulting, digital solutions, advanced technology and
bespoke engineering to critical programs in the global defence,
space and energy markets provides resilience for the future. The
Company will continue to pursue opportunities to develop the
business through organic growth and added value acquisitions whilst
identifying people or groups of distinctive talents.
It is expected that the Company's audited results will be
announced in May 2021.
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 .
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
Stephen Keys / Mark Connelly / Callum
Davidson
www.cenkos.com
Vigo Communications Tel: 020 7390 0230
Jeremy Garcia / Charlie Neish
www.vigocomms.com
Notes to Editors
TP Group delivers complex equipment, software and services for
mission, business and safety critical applications in the defence,
space and energy sectors. With more than 400 people in 6 European
countries, it serves global customers through long-term contracts.
The Group's shares have been traded on AIM since July 2001.
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END
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