TP Group shares (LON: TPG) plummeted over 14% on Tuesday morning as the technology group posted a wider for the first half of 2020.
Despite a 33% growth in revenue to £27.5m, TP Group reported a pre-tax loss of £4.4m, which is compared to the £1.2m loss for the same period a year ago.
The technology group did see a 13% rise in order intakes to £35.2m, which was a strong performance, “overcoming commercial constraints arising through the COVID-19 pandemic.”
Commenting on the pandemic, TP Group remained positive and said: “Whilst COVID-19 continues to challenge the businesses community, the Group remains well positioned for future success. A strong core business with continued investment in new and emerging technologies and solutions allows the Group’s experienced management team to capitalise upon our position in exciting growth markets.”
Phil Cartmell, Chief Executive Officer of TP Group, commented: “The first half of 2020 saw a typically resolute response from the Group with our first priority being the safety and well-being of our staff and those closest to them.
“Pleasingly, we were able to maintain strong revenues in the first half of the year, as a result of our robust core business and the Group’s long-term order book, whilst making further planned investments despite the challenges of COVID-19.
“We remain well-positioned to capitalise on the anticipated recovery phase in our key sectors alongside our active engagement in some of the most exciting global growth markets, including clean energy, autonomous navigation and artificial intelligence,” he added.