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26 Jan 2021 | 10:56

TP Group margins impacted by Covid-19 pandemic

(Sharecast News) - Mission-critical solutions provider TP Group said on Tuesday that the Covid-19 pandemic had impacted margins within certain programmes across the group during 2020. TP said the Covid-19 pandemic continued to influence some of its global and domestic projects due to ongoing travel restrictions, weighing on both its supply chain and customer engagement.

While the AIM-listed group did highlight some improvement to both gross profit and adjusted operating profit margins during the second half of 2020, unaudited revenues for the year were expected to be roughly £58.0m, slightly down from £58.2m, and unaudited adjusted operating profits were pegged to be approximately £3.8m, a marked reduction on the £5.9m recorded in 2019.

TP noted that business activity was "robust" in the last quarter of 2020, a trend that has continued in the early weeks of 2021, with the firm's forward order book growing year-on-year from £63.8m to around £69.0m.

Looking forward, TP said it remained confident of its resilience for the future and stated it will continue to pursue opportunities to develop the business through organic growth and added value acquisitions.

As of 1055 GMT, TP Group shares were down 7.72% at 6.32p.
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