Trading Update and Notice of Results
Trading update and Notice of Results
TP Group (AIM: TPG), the specialist technology, engineering and managed solutions group announces the following trading update.
The Board is pleased to report that the Group continued to make good progress in the final quarter of 2015. Results are expected to show that Group has achieved a key target for the year by being adjusted EBITDA breakeven, and the Group closed the year with a cash balance of £7.0m, which is ahead of expectations.
This performance is a result of adjusting the strategic focus of the Group to reduce exposure to non-revenue generating R&D and to focus on the Group's existing network of customers, whilst seeking new uses for the Group's proven technologies in commercial projects.
A strong pipeline of future opportunities provides good visibility of 2016 business and the Group is benefitting from a healthy opening order book, qualified frameworks and pull-through from existing customers. From this position, the Board is confident that the Group can continue its progress this year.
Notice of results
It is expected that the Group's Final Results for the year ended 31 December 2015 will be published on Tuesday 19 April 2016.