20th Oct 2020 13:32
TP Group PLC - Reading-based consulting, software and engineering services provider - For first half of 2020, posts pretax loss of GBP1.8 million, widening from a GBP958,000 loss a year prior. This is despite revenue surging 33% to GBP27.5 million from GBP20.6 million.
Profit was hurt by the Covid-19 pandemic and the resultant travel restrictions, customer and supply chain interactions, and the use of third-party contractors. Administrative expenses rose to GBP8.2 million from GBP7.6 million a year before. Recognises depreciation, amortisation and impairment costs of GBP2.0 million, up from GBP1.3 million.
Looking ahead, Chief Executive Phil Cartmell says: "Whilst Covid-19 continues to create uncertainties and challenges for us as it does for all businesses, the group remains well positioned for future growth supported by a strong core business and complemented by our emerging presence in high-growth sectors such as AI and clean technology."
Cash as at June end was GBP13.8 million, up from GBP9.0 million at June, 30, 2019.
Current stock price: 5.80 pence
Year-to-date change: down 17%
By Ife Taiwo; [email protected]
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