14 Sep 2021
Unaudited interim results for the six months ended 30 June 2021
tpgroup today announces its unaudited interim results for the six months ended 30 June 2021.
tpgroup overall delivered a much improved performance in a difficult market and is well positioned to deliver good growth that will increase shareholder value. UK Consulting grew revenues and margins. Our recent acquisition of Osprey Consulting Services Ltd delivered an excellent performance despite COVID-19 (C-19) shutting down a large part of the aviation market. TPG Maritime’s profits increased. Central costs were historically too high and have since been reduced by £1m per annum, the benefit of which will fall straight to the bottom line. Looking forward we are confident of good growth within the UK Consulting market and across Europe.
H1 Performance Summary
- Revenue up 23% to £33.8m (H1 2020: £27.5m)
- Adjusted operating profit¹ up 23% to £1.7m (H1 2020: £1.4m)
- Operating loss increased to £1.9m (H1 2020: £1.7m loss) due to the £0.5m termination cost of the former CEO
- Closing order book £60.9m (31 December 2020: £69.3m) – provides strong H2 2021 revenue visibility with more than 90% of full year market forecast revenues covered
- Net debt of £3.5m (31 December 2020 net cash: £0.4m) – cash performance is tracking in line with expectations and is well within banking covenants
David Lindsay, Chief Executive Officer of tpgroup, commented:
“TP Group will significantly increase shareholder value by focussing on Aerospace & Defence clients that place great trust in our excellent people, expert technical knowledge and secure processes & systems.
“TP Group has successfully grown its UK Consulting business despite the C-19 pandemic and aims to replicate this success across Europe using Sapienza as an important stepping stone.
“I have already streamlined our management structure and reduced our central costs by £1m per annum that will directly benefit the bottom line in 2022. We will also improve profitability by increasing knowledge transfer, resource sharing and use of common systems across our businesses.
“I am very optimistic about TP Group’s future because we have great people and operate in good markets where important clients value our services highly.”
Please click here to read the full statement
On 14th September, we ran a webinar for our shareholders in which our Chief Executive David Lindsay and Chief Financial Officer Derren Stroud went through the results and took questions from attendees. The recording is available below.