TP Group completes 'detailed review' of business

TP Group announced the completion of a “detailed review” of its business on Monday, reporting that it had identified a number of opportunities to “significantly improve” performance.

The AIM-traded firm said that following the review, David Lindsay had been appointed as permanent chief executive officer, subject to completion of the standard on-boarding process being undertaken by its nominated adviser.

In addition, as it had previously indicated, the company had received a number of expressions of interest to acquire its maritime engineering business.

“Whilst there was significant interest and offers were made, they did not meet the board's valuation expectations, and the board has decided to withdraw the maritime business from sale,” the directors said in a statement.

“The company is trading in line with market expectations and there remain significant market opportunities and strong customer relationships which give the board confidence for the future.”

At 1508 BST, shares in TP Group were up 14.17% at 3.77p.