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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