FY16 EBITDA likely to significantly exceed current market expectations with FY17 materially ahead of current market expectations.
TP Group (AIM: TPG), the specialist services and engineering group, announces the following trading update.
The TP Group Board is pleased to announce that the business performance in FY16, in terms of EBITDA, is likely to significantly exceed current market expectations. In addition, subject to the receipt of expected payments, the Group's year-end cash position is also likely to exceed expectations. The Company expects to make a further update in January 2017 and to announce audited results for the year ending 31 December 2016 in April 2017.
In addition, due primarily to recent contract wins and a strong order pipeline (including the two sole source MoD contracts announced in July and August 2016) the TP Group Board is pleased to confirm that it expects the outturn for the 2017 financial year, in terms of EBITDA, will be materially ahead of current market expectations.
Phil Cartmell, Chief Executive of TP Group, commented
"We have made excellent progress during the year, capturing a number of new strategic orders and generally increasing margins across the business. A strong platform has been built for 2017 and the management will also continue to look for acquisition opportunities. The Board looks forward to the future with confidence."