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TP Group PLC - Wincanton, England-based consulting, software and engineering company - Granted additional time to file annual results by AIM Regulation as it continues audit process.
Allowed to publish 2021 results before September 30, but ‘will endeavour to do so as soon as possible’.
‘The major area of outstanding audit work relates to onerous legacy fixed price contracts in TPG Maritime although it is now apparent that the provisions required will exceed previous expectations,’ company explains. ‘While these charges relate to a number of client contracts, and include adjustments to prior year reported results, the majority of the contract provisions relate to a UK customer.’
Says new TPG Maritime management team sees these renegotiations of legacy contracts ‘to be their primary focus and concern.’ Adds: ‘While good progress is being made with the international clients, unfortunately the UK prime contractor has to date maintained an uncompromising position.’
Current stock price: 2.20 pence, down 12% on Monday
12-month change: down 47%
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