15th Jan 2019 13:18
LONDON (Alliance News) - Specialist services and engineering group TP Group PLC on Tuesday said revenue and cash for 2018 will beat expectations after strong performance.
Trading in the first half was "strong", TP said, and this continued into the second half.
Revenue, adjusted operating profit, and its order book are all ahead year-on-year, with revenue and cash to beat expectations and adjusted operating profit to come in line with market expectations.
In 2017, revenue was GBP29.5 million, 39% higher year-on-year. It posted an operating loss of GBP500,000 from GBP300,000 year-on-year, and cash at the end of 2017 was GBP21.9 million.
"This performance has been achieved through the company's ongoing strategy to invest in technology, people and productivity across the business, to acquire and integrate additional capabilities, and continuing to develop positions across new markets and geographies," said TP.
Chief Executive Phil Cartmell said: "We have continued to see positive momentum throughout 2018, underpinned by significant orders from a range of existing and new customers, and exciting developments in maritime equipment, energy systems, space and artificial intelligence."
"The group now has an enviable order book and strong new business pipeline providing an excellent platform from which to deliver further growth in 2019 and beyond."
Shares were 1.0% higher on Tuesday afternoon at 6.46 pence each.
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TPG.L