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TP losses deepen as Covid-19 disruptions hurt margins
StockMarketWire.com
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Defence contractor TP posted a deeper first-half loss despite its sales rising by a third, as the Covid-19 pandemic disrupted operations and hurt margins.
Pre-tax losses for the six months through June amounted to £4.4 million, compared to losses of £1.2 million year-on-year.
Revenue rose 33% to £27.5 million, but operations were affected particularly in the technology & engineering division by travel restrictions, supply-chain interactions and the use of third-party contractors.
TP said it had made a 'strong' start to the second half, with multiple significant orders secured.
'Whilst Covid-19 continues to challenge the businesses community, the group remains well positioned for future success,' it said.
'A strong core business with continued investment in new and emerging technologies and solutions allows the group's experienced management team to capitalise upon our position in exciting growth markets.'
Story provided by StockMarketWire.com
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