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TP Group PLC - Wincanton, England-based consulting, software and engineering company - As at December 31, net debt stands at GBP1.6 million, while cash position is GBP5.4 million.
As expected, exceptional costs have risen to GBP3.0 million from GBP2.1 million due to headcount restructuring and fees associated with HSBC and Science Group loans.
In addition, following the review of legacy contracts in the Maritime business, inadequate project governance means that TP will incur provision charges valued at GBP4.5 million.
Also, due to a lower expected valuations in relation to non-core operations, an impairment of goodwill and intangibles is anticipated, and the board expects to incur a writedown of intangible assets of around GBP11 million in 2021.
Current stock price: 3.19 pence, down 4.9% on Friday
12-month change: down 50%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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