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TP Group Shares Crash 21.4% on £4.4M H1 2020 Loss

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Simon Mugo

Shares of TP Group PLC (LON: TPG) today crashed 21.4% after the company released its half-year results showing upbeat revenues, which were overshadowed by major losses.

The company reported a pretax loss of £4.4 million as compared to the £1.2 million loss recorded in H1 2019. However, losses from continuing operations were lower at £1.8 mln as compared to the £1 mln recorded in H1 2019.

The engineering services consulting group saw its revenues surge 33% to £27.5 million during H1 2020 as compared to last year.

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Some of the highlights of the period included a £5 million follow on contract from the UK Ministry of Defence UK for the provision of consulting services to the British Army.

TP Group also secured an €18 million contract extension from the European Space Agency running up to December 2022, with the above figure representing the first tranche of orders.

The company’s underlying profits fell to £1.4 million from the £2.3 million recorded last year translating to a pretax loss of £4.4 million versus last year’s £1.2 million loss.

Phil Cartmell, TP Group’s CEO said: “Pleasingly, we were able to maintain strong revenues in the first half of the year, as a result of our robust core business and the Group’s long-term order book, whilst making further planned investments despite the challenges of COVID-19.”

TP Group share price

Tradingview chart of TP Group share price 20102020

TP Group shares today crashed 21.4% to trade at 5.50p having fallen from Monday’s closing price of 7.00p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.