TP losses deepen as Covid-19 disruptions hurt margins

Writer,

Defence contractor TP posted a deeper first-half loss despite its sales rising by a third, as the Covid-19 pandemic disrupted operations and hurt margins.

Pre-tax losses for the six months through June amounted to £4.4 million, compared to losses of £1.2 million year-on-year.

Revenue rose 33% to £27.5 million, but operations were affected particularly in the technology & engineering division by travel restrictions, supply-chain interactions and the use of third-party contractors.

TP said it had made a 'strong' start to the second half, with multiple significant orders secured.

'Whilst Covid-19 continues to challenge the businesses community, the group remains well positioned for future success,' it said.

'A strong core business with continued investment in new and emerging technologies and solutions allows the group's experienced management team to capitalise upon our position in exciting growth markets.'


Related content

TP wins fuel-cell contract from passenger train group

Defense contractor TP said it had signed a contract with a train leasing company to supply hydrogen fuel-cell systems for passenger trains.

The initial project...

Tue, 16/02/2021 - 07:25


TP says earnings to fall as pandemic hurts margins

Defence contractor TP said it expected to post a fall in annual operating profit after the pandemic put pressure on margins.

Adjusted operating profit for...

Tue, 26/01/2021 - 09:02


TP mulls sale of maritime engineering business after receiving approaches

Defence contractor TP said it was considering a sale of its maritime engineering business after it received expressions of interest from potential buyers.

TP said...

Wed, 13/01/2021 - 07:53


TP wins contract from Mountain Horse Solutions for US vehicle navigation

Defence contractor TP said it had signed a contract worth around £0.2 million with Mountain Horse Solutions to develop an autonomous navigation platform for land-based...

Tue, 06/10/2020 - 07:43


TP wins £4m oxygen device order from UK defence ministry

Defence contractor TP said it had won new orders worth a combined £4m from the UK's Ministry of Defence for oxygen generation and carbon dioxide...

Tue, 15/09/2020 - 07:58