TP Group (AIM: TPG), the specialist services and engineering group, announces the following trading update for the year ended 31 December 2018.
The Board is pleased to announce that following a strong performance in the first half of 2018, trading during the remainder of the year remained robust, delivering year-on-year growth in revenue, adjusted operating profit and order book.
The Group is therefore pleased to report that trading for the year ended 31 December 2018 has delivered revenue and cash ahead of market expectations, with adjusted operating profit in line with market expectations.
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.
The Company's growing capabilities in project assurance and artificial intelligence have delivered significant wins in the Space and Defence sectors. Furthermore, the acquisition of Westek Technologies Ltd in November 2018 added a profitable business with new product lines, capabilities and customers.
Management continues to evaluate business opportunities through strategic partnerships and acquisitions, both in the UK and overseas, extending our technical capabilities and market access on a global scale.
The Board expects to announce the Group's audited results for the year ended 31 December 2018 on 2 April 2019.
"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."
For further information, please contact:
TP Group plc
Phil Cartmell, Chief Executive Officer
Derren Stroud, Chief Financial Officer
Tel: 01753 285 810
Cenkos Securities plc
Mark Connelly / Callum Davidson
Tel: 020 7397 8980
Jeremy Garcia / Fiona Henson / Charlie Neish
Tel: 020 7390 0230
Notes to Editors
TP Group designs and develops advanced technologies, engineers complex equipment and systems, and provides support throughout their operational life. The Company's shares have been traded on AIM since July 2001.