TP Group confident after 'positive start' to 2018

Specialist services and engineering company TP Group updated investors on its trading on Thursday, saying that it had made a “positive start” to 2018, as its shareholders gathered for the annual general meeting.

The AIM-traded firm said that, through expanding its capabilities in professional services, technology and engineering solutions, in addition to recruiting key personnel across the business, it continued to generate interest from both existing and prospective global customers.

“Order intake is running ahead of the same period last year and our active sales pipeline continues to feed opportunities at an encouraging rate across the business,” said non-executive chairman Andrew McCree.

“The Polaris Consulting business, which was acquired in December last year, is bolstering our capability within our growing services division.

“Polaris also brings new Artificial Intelligence and unmanned vessel guidance capabilities, opening new business development opportunities and collaborations.”

McCree said the company was also actively expanding its technical and geographic reach, as illustrated by its recent partnership announced with Micropore in the United States.

That and other business development initiatives provided a “strong foundation” to deliver on the board’s strategic goals for the remainder of 2018, he explained.

“Finally, the group continues to pursue a number of potential acquisition opportunities from a healthy pipeline to utilise the cash resources retained from our fundraising last year, and will provide further updates as and when appropriate.

“The board therefore remains confident in the short and medium-term outlook and confirms that it continues to trade in line with market expectations.”