Specialist services and engineering company TP Group issued its audited results for the year ended 31 December on Tuesday, reporting a 39% improvement in revenue to £29.5m.
The AIM-traded firm put that down to both the conversion of “strong” order intake to revenue, as well as added revenues from acquired companies.
Its adjusted EBITDA was ahead 142% at £2.6m, as a result of the company's operational focus on improving margins and delivery performance.
TP Group's operating loss totalled £0.5m for the year, widening from the £0.3m a year earlier.
Those losses included business transformation costs of £0.7m, the board pointed out, as well as a one-time impairment charge of £0.5m.
Closing cash stood at £21.9m, up significantly from the £9.2m reported a year ago, after £20.8m in additional funding was secured through an equity raise.
On the operational front, TP Group said its order intake was up 88% to £44.7m after it concluded negotiations on long-term defence contracts.
The closing group order book was ahead 89% to £32.1m, with the board claiming it had “good visibility” on future core business.
“These are excellent results and underline the potential of the group to work successfully within our established markets and technologies,” said chairman Andrew McCree.
“The group has made a successful start to implementing our ambitious growth plans. As we look forward, we see both organic and acquisitive growth opportunities.”
Chief executive Phil Cartmell added that the group responded “strongly” to trends in its core markets, with significant major orders in key programmes, growth in both revenue and adjusted EBITDA and a pathway to new technical propositions, new market areas and a wider international presence.
“With all that the group has achieved in the last few years, the team and the platform we have built, and the range of opportunities laid out before us, we look forward to an exciting year ahead with confidence that we can continue to deliver on our plans,” Cartmell explained.