TP Group PLC Business Update (3637B)
11 Febrero 2022 - 12:59AM
UK Regulatory
TIDMTPG
RNS Number : 3637B
TP Group PLC
11 February 2022
This announcement contains inside information
TP Group plc
("TPG", "TP Group" or "the Company")
Business Update
At 31 December 2021, TP Group's net debt was GBP1.6 million,
with GBP5.4m of cash, GBP7.0m of bank debt, and the Science Group
loan undrawn. The year-end cash balance benefitted from
approximately GBP1.0m of deferred payments, most of which are now
paid. The Science Group standby facility has not to date been
required.
I n the update on 16 December 2021, the Board advised that
exceptional costs would increase and the business would likely
incur additional one-off costs in the 2021 financial year in
relation to contract liabilities in Maritime and impairment of
goodwill and intangibles.
-- Exceptional costs have increased to GBP3.0m from the
previously reported GBP2.1m due to further headcount restructuring,
and fees associated with the HSBC and Science Group loans.
-- In recent weeks, the Board has been working closely with
operating management to review legacy contracts in the Maritime
business and it is apparent that project governance has been
inadequate. As a result, provisions related to onerous Maritime
contracts are now anticipated of approximately GBP4.5 million. At
the present time, it is unclear whether this will all be a charge
in 2021 or may relate to prior periods.
-- The TP Group strategy was set out in the announcement on 1
November 2021. The corporate processes in relation to the non-core
operations are continuing with interested parties. However, the
anticipated valuations are lower than the current book values which
are primarily based on the acquisition cost. As a result, an
impairment of goodwill and intangibles is anticipated. While this
non-cash charge is still under review, and subject to audit, the
Board currently anticipate a write-down of intangible assets of
around GBP11 million in 2021.
With regard to 2022 planning, the Board is now well advanced.
Taking the difficult decisions in relation to legacy Maritime
contracts should provide a more robust platform for the future. We
expect our consultancy business to continue to perform in line with
management expectations as it did in 2021. Subject to resolution of
the issues within Maritime, the Board anticipate an improvement in
performance through growth and margin enhancement programmes in the
Services businesses and the reduction in the central costs
undertaken in 2021.
TP Group plc Tel: 01753 285 810
Martyn Ratcliffe, Executive Chairman
Derren Stroud, Chief Financial Officer
www.tpgroup.uk.com
Cenkos Securities plc (Nomad & Broker) Tel: 020 7397 8980
Stephen Keys / Mark Connelly / Callum
Davidson
www.cenkos.com
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