TP Group plc ("TPG" or the "Group")
TP Group (AIM: TPG), the specialist technology, engineering and managed solutions group focused on the aerospace & defence and energy & process industry sectors, announces the following update on trading for 2015.
The Group has continued to reduce losses over the period and remains on track to deliver breakeven adjusted EBITDA, at least meet market cash expectations, and end the year with a robust order book. The aerospace & defence sector continues to perform strongly, however, ongoing pressures in the energy market have caused a number of delays or constraints on capital spend in customer programmes. This has moved a number of contracts expected to fall in 2015 into 2016, materially impacting the Group's projected 2015 revenues.
Despite the slowdown in energy markets, we have succeeded in growing margins over the period, mitigating the impact of the shift in orders into 2016. The business continues to make good progress, having diversified into new markets, and positioned our technology in new applications. We will exit 2015 with a solid technical platform, a strong order book and a lower overall cost base that supports our previously stated aim to become cash generative and deliver positive EBITDA in 2016