4 May 2017
TP Group plc
("TP Group" or the "Company" or the "Group")
Contract Update
First Call-off £9.7m from Defence Framework Contract
TP Group (AIM: TPG), the specialist services and engineering group, announces that TPG Maritime has received the first call-off from the Ministry of Defence ('MoD'), worth £9.7m, under the framework contract for Combined Oxygen Generating Systems ('COGS').
The framework contract, with potential value up to £22.5m, was announced on 11 April 2017 and is for the provision of up to eight COGS systems and additional ancillary items to upgrade in-service Royal Navy submarines, to be called off at the MoD's discretion over the next five to eight years.
This first tranche of work is for four COGS systems plus associated documentation and logistics support to be delivered progressively over the next three years. The systems will be built at TPG Maritime's Portsmouth facility.
Phil Cartmell, Chief Executive Officer of TP Group, commented:
"We are pleased to have moved quickly into the active phase of this framework contract. It continues our critical equipment support for the Navy's submarine programme, and provides good visibility of near-term work at Portsmouth. We look forward to building upon our close relationships within the programme to deliver the greatest long-term value for all concerned."
For further information, please contact:
TP Group plc |
Tel: 01753 285 810 |
Phil Cartmell, Chief Executive Officer |
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Derren Stroud, Chief Financial Officer |
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www.tpgroup.uk.com |
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Cenkos |
Tel: 020 7397 8980 |
Mark Connelly / Callum Davidson |
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www.cenkos.com |
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Vigo Communications |
Tel: 020 7830 9700 |
Jeremy Garcia / Fiona Henson |
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www.vigocomms.com |
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Notes to Editors
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.