TP Group posts interims, wins contract

TP Group has posted a narrower H1 pretax loss of £846,000, from a loss of £2.6m. It also confirmed a contract win that would see it build an integrated steam management system.

Of the contract win, it said TPG Engineering, the group’s thermal systems company based in greater Manchester, was awarded a project to build a large steam condenser, to be installed next year at a chemical processing plant in the UK.

“The project is significant to TPG as it is the first on this scale to be delivered as a total package solution. The package includes conventional heat exchanger bundles, manifolds, pumps, fans and steam control systems,” the company said.

“The supply also includes electro-mechanical design and fabricated structures such as walkways and handrails to go alongside the system on site as a turnkey provision.”

Returning to the results, its narrower loss was on revenue of £9.4m, from £8.3m.

“The Group is now in an extremely robust position with two major defence contracts about to enter negotiation for which TPG is, we understand, the sole supplier,” the company said.

“Securing both contracts would lead to even greater long term revenue visibility for TPG Maritime. In addition, we are building momentum in resource provision to defence customers through TPG Managed Solutions whilst pursuing equipment service opportunities with both defence and commercial customers.”

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