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TP says earnings to fall as pandemic hurts margins
StockMarketWire.com
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Defence contractor TP said it expected to post a fall in annual operating profit after the pandemic put pressure on margins.
Adjusted operating profit for the year through December was seen falling to around £3.8 million, down from £5.9 million year-on-year.
Revenue was expected to fall slightly to around £58.0 million, down from £58.2 million.
'The Covid-19 pandemic has and continues to influence some of our global and domestic projects due to ongoing travel restrictions which have impacted both the supply chain and customer engagement,' TP said.
'This has inevitably had an effect on margins during the financial year within certain programmes across the group, as reported in the interim results.'
TP, however, said it saw an improvement to both gross profit and adjusted operating profit margins, from continuing operations, during the second half of 2020.
'Business activity was robust in the last quarter of 2020 and this has continued in the early weeks of 2021 to provide a solid platform for the year ahead,' TP said.
The company's forward order book had grown to around £69.0 million, up from £63.8 million year-on-year.
At 9:02am: (LON:TPG) TP Group Plc share price was 0p at 5.35p
Story provided by StockMarketWire.com
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