The technology consultant generated revenue of £27.5mln for the first six months of 2020, up 33% on the same period last year, or 15% on an organic basis if normalising for the six-month contribution from Sapienza.
Operational highlights included a follow-on order from the UK Ministry of Defence worth at least £5mln for consulting support for the British army’s transformation programme.
An extension was also signed to the European Space Agency framework contract until December 2022, with the first tranche of orders secured, worth circa €18mln.
Last month, TP announced that it was part of a three-way partnership to examine hydrogen fuelling solutions in the rail industry.
Underlying operating profits tumbled to £1.4mln from £2.3mln due to efficiency effects arising from COVID-19 restrictions, a change in the revenue mix and investment in the business.
It’s reported loss before tax (LBT) of £4.4mln compared to £1.2mln a year ago, while the LBT from continuing operations was £1.8mln versus £1mln.
“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,” said chief executive Phil Cartmell in the statement.
Published at Tue, 20 Oct 2020 07:47:00 +0000-TP Group grows half-year revenues but coronavirus inflates losses