27th Jan 2020 10:58
(Alliance News) - Engineering services firm TP Group PLC said Monday it delivered revenue and adjusted operating profit for 2019 in line with market expectations.
Reading-based TP Group also announced the winning of a contract from military-focused IT services provider Roda Computer GmbH, for the provision of a suite of military ruggedised computer servers and display units.
The systems will be used for military applications by a European defence force. The contract has a value of GBP1.7 million, and equipment production will commence over a 24-month period.
TP Group said it expects to report a rise in revenue for 2019, adjusted operating profit, with a significant strengthening of the order book.
For 2018, the group reported an adjusted operating profit of GBP4.0 million on revenue of GBP39.0 million and a closing order book GBP48.3 million.
TP said its growth will be driven by organic growth and acquired business activities, in particular Sapienza Consulting Holding BV in May, which enlarged the group's space and defence business.
"We are extremely pleased with the company's operational and financial performance in 2019, coupled with the successful integration of Sapienza into the group. We are continuing to build an extensive international footprint and are seeking to leverage our range of services and technologies across our blue-chip customer base," said Chief Executive Officer Phil Cartmell.
"I believe 2020 will be an exciting year for the group, with our strongest ever opening order book, proven capabilities in our core business and with exciting initiatives in areas such as artificial intelligence and clean energy solutions - two key growth opportunities for the company," Cartmell added.
TP Group will publish its annual results on March 31.
Shares in TP Group were down 0.8% at 7.94 pence on Monday in London.
By Dayo Laniyan; [email protected]
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