Reading engineering group wins £17 million defence contract
TP Group the Reading-based specialist services and engineering group has been awarded a contract worth approximately £16.9 million by a leading UK Defence company to provide advanced packaged equipment. The contract pricing remains subject to final verification by the MoD as part of their standard audit cycle.
Under this contract, TP Group will build a primary set of equipment to qualify and verify the system design, and then produce the first operational set. This work will start immediately at TP Group facilities across the UK and is expected to be completed in late 2021.
Phil Cartmell, Chief Executive Officer of TP Group said: "We are very pleased to have reached this agreement and to continue our work on strategic defence programmes.
"This broad-scope project will be delivered by our combined Technology & Engineering and Consulting & Programme Services teams using resources at various locations in the UK. This demonstrates the value and breadth of the integrated Group to work in close partnership with our major customers."
The news of this contract follows from two recent contract wins. In January TP Group announced it had been awarded an additional contract by Baker Hughes (a GE Company) within the nuclear sector. Valued at approximately £6.4m, this contract followed on from the first award from GE Oil & Gas under the same programme, announced by TP Group on 6 December 2016. The work will be carried out at TP Group's Advanced Manufacturing Centre in Manchester over the next four years.
Earlier this month, TP Group reported revenue up 40 per cent in 2018 and an order book up 16 per cent.
In November last year TP Group announced it had acquired Wiltshire-based Westek, a leading provider of rugged, high performance computer servers and ancillary equipment for military and industrial customers predominantly in the UK, Europe and the United States, many of which are not currently supplied by TP Group.
TP Group designs and develops advanced technologies, engineers complex equipment and systems, and provides support throughout their operational life. The Company's shares have been traded on AIM since July 2001.
