TP secures contract wins valued at nearly £30m in first half

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Specialist engineering group TP has reported that despite market uncertainty in the first half of 2020, it secured several contract wins with a combined value approaching £30m for a range of consulting and critical systems projects.

In a trading update for the six months ended 30 June, the company said that the contracts were awarded by customers across its key sectors of defence, space and energy, and located in Europe, the Middle East and the Asia Pacific region.

It also confirmed that it has developed a 'strong pipeline of business opportunities', including significant additional business under the previously announced European Space Agency support framework agreement, which it anticipates will be received early in the second half of the year.

Chief executive Phil Cartmell said: 'As the lockdown measures continue to ease, we will cautiously explore further opportunities to continue to grow the business whilst safeguarding our people. 'We still have ambitious plans and are working on exciting technology solutions that will carry the group forwards in the coming years.'

TP confirmed that no staff were furloughed at any of its facilities or offices during the period.

At 9:12am: (LON:TPG) TP Group Plc share price was +0.2p at 7.45p


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