StockMarketWire.com - Aerospace and defence engineer TP posted a first-half loss after rising sales were offset by higher costs, including a termination payment for its former chief.

Pre-tax losses for the six months through June amounted to £2.05 million, compared to year-on-year losses of £1.82 million.

Revenue rose 23% to £33.8 million and adjusted operating profit climbed 23% to £1.7 million.

TP, which recently rejected a takeover bid from Science Group, said it incurred a £0.5 million termination cost for previous CEO Phil Cartmell.

'TP Group will significantly increase shareholder value by focussing on aerospace and defence clients that place great trust in our excellent people, expert technical knowledge and secure processes & systems,' new CEO David Lindsay said.

'TP Group has successfully grown its UK consulting business despite the C-19 pandemic and aims to replicate this success across Europe using Sapienza as an important stepping stone.'

'I have already streamlined our management structure and reduced our central costs by £1 million per annum that will directly benefit the bottom line in 2022.'

'We will also improve profitability by increasing knowledge transfer, resource sharing and use of common systems across our businesses.'


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