TP Group PLC Extension to Publication of Results (5191P)
20 Junio 2022 - 8:48AM
UK Regulatory
TIDMTPG
RNS Number : 5191P
TP Group PLC
20 June 2022
20 June 2022
TP Group plc
("TP Group" or the "Company")
Extension to publication of 2021 audited Report and Accounts
TP Group (AIM: TPG) advises that AIM Regulation has granted the
Company an additional period of up to three months to publish its
annual audited accounts for the year ended 31 December 2021. This
additional period is in view of the adverse impact of COVID-19 on
the Company's operations.
The Company must therefore publish its annual audited accounts
for the year ended 31 December 2021 by 30 September 2022 but will
endeavour to do so as soon as possible. In addition, the Company
intends to issue an update on trading, focussing on the key metrics
of 2021 by the end of June.
The major area of outstanding audit work relates to onerous
legacy fixed price contracts in TPG Maritime, as referenced in the
announcement on 11 February 2022, although it is now apparent that
the provisions required will exceed previous expectations. 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. The Board and the new
TPG Maritime management team regard the renegotiation of these
legacy contracts to be their primary focus and concern. While good
progress is being made with the international clients,
unfortunately the UK prime contractor has to date maintained an
uncompromising position.
Contact:
TP Group plc Tel: 01753 285802
Martyn Ratcliffe, Executive Chairman
Derren Stroud, Chief Financial Officer
www.tpgroupglobal.com
Cenkos Securities plc Tel: 020 7397 8980
Stephen Keys / Mark Connelly / Callum
Davidson
www.cenkos.com
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June 20, 2022 09:48 ET (13:48 GMT)
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