16 Jul 2020
tpgroup has announced the following trading update for the six months ended 30 June 2020.
In the first half of 2020, tpgroup continued to support its customers’ critical programmes without significant interruption, despite the COVID-19 pandemic. The Group introduced flexible remote working arrangements and comprehensive safety measures were implemented in the engineering facilities to allow safe working in each location. No staff were furloughed at any of the company’s facilities or offices during the period.
Despite the significant market uncertainty during the period, the Group announced several material contract wins with a combined value approaching £30 million for a range of consulting and critical systems projects. These contracts were awarded by customers across the company’s key sectors of defence, space and energy, and located in Europe, the Middle East and the Asia Pacific region, reflecting the diversity and global nature of our business.
The Group has also developed a strong pipeline of business opportunities, including significant additional business under the previously announced European Space Agency support framework agreement, anticipated to be received early in the second half of the year.
Management continue to invest in capabilities and technologies for future value creation including work on hydrogen, oxygen and carbon dioxide solutions, and new artificial intelligence software targeted on a number of current industry issues.
The Group also continued to pursue a number of corporate and acquisition opportunities and will update the market as these progress.
As the Group seeks to further mitigate the impact of the COVID-19 outbreak and steadily return to normal operations, the Board remains confident that the Group is well equipped to continue its robust performance in the second half of the year.
Phil Cartmell, Chief Executive Officer of tpgroup, commented:
“The first half of 2020 has been one of the most challenging periods we have ever faced as a business but our first priority has naturally been the safety and wellbeing of our staff, their families and our customers. I am very encouraged by the resilience and commitment of our team as we’ve kept the business fully engaged with our customers, keeping a number of critical programmes on track.
“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.”