TP adjusted profit more than doubles acquisitions boost sales

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Defence, energy and space contractor TP Group booked a first-half loss owing to acquisition costs, though its underlying profit was boosted by higher sales.

Pre-tax losses for the six months through June amounted to £1.1m, compared to losses of £0.8m on-year.

Revenue rose 63% to £26.0m, offset by fees and accrued earn-out payments relating to acquisitions.

Adjusted operating profit more than doubled to £2.4m, up from £0.9m.

The company's closing order book rose 63% to £78.9m, which it said provided visibility of around 94% of full-year revenue expectations.

The company did not declare an interim dividend.

'We are very pleased to report such a positive start to 2019,' chief executive Phil Cartmell said.

'We have been very focused on investing in strengthening our core business, as well as building upon these foundations with acquisitions and partnerships to expand our propositions, customers and geographic reach.'

'The board is confident in the company's prospects for the rest of this year and anticipates delivering a full-year performance in line with market expectations.'


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