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