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

Practice Stock Trading
Updated: 20 October 2020

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.

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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