AGM Statement

RNS Number : 5743Q
TP Group PLC
07 June 2018

AGM statement

TP Group (AIM: TPG), the specialist services and engineering group, will be holding its Annual General Meeting at 10.30am today.

At the meeting, Andrew McCree, Non-Executive Chairman of TP Group, will make the following statement:

"I am pleased to report that TP Group continues to build on its operational and strategic success of 2017 and has made a positive start to 2018. Through expanding our capabilities in professional services, technology and engineering solutions, in addition to recruiting key personnel across the business, the Group continues to generate interest from both existing and prospective global customers.

Order intake is running ahead of the same period last year and our active sales pipeline continues to feed opportunities at an encouraging rate across the business.

The Polaris Consulting business ("Polaris") which was acquired in December last year, is bolstering our capability within our growing services division. Polaris also brings new Artificial Intelligence and unmanned vessel guidance capabilities, opening new business development opportunities and collaborations.

We are actively expanding our technical and geographic reach, as illustrated by our recent partnership announced with Micropore Inc. in the United States. This and other business development initiatives provide a strong foundation to deliver on our strategic goals for the remainder of 2018.

Finally, the Group continues to pursue a number of potential acquisition opportunities from a healthy pipeline to utilise the cash resources retained from our fundraising last year, and will provide further updates as and when appropriate.

The board therefore remains confident in the short and medium-term outlook and confirms that it continues to trade in line with market expectations."