Tp Share Discussion Threads

[larry laffer] 08/6/2018 08:44

Thanks Tday......very kind of you to report back. Only 2 shareholders at the AGM, you must have had a field day with all the prawn sandwiches.

[pavey ark] 08/6/2018 08:21

It wouldn't surprise me to see an order come in from the French as it's been a few years since the last one and they are committed to a fairly substantial submarine building programme.
We may even get something similar to the RN order ie X units over Y years.

[trentendboy] 07/6/2018 22:45

Excellent recent posts

[catch007] 07/6/2018 17:26

Thank you TDay much appreciated. The possible failed target acquisition helps us perhaps understand the reason for the original amount raised in the cash call.

[tday] 07/6/2018 17:18

Well, I got to the AGM; me and just one other shareholder!

So what transpired?

The directors were quietly confident that the group is moving in the right direction, but then they probably would say that wouldn't they? I am inclined to believe them.

Phil said that they have some young talent within the various segments of the business but,of course,the management of any company could always be improved. I enquired about Simon Kings' departure and got the impression that as the business evolves senior people inevitably will come and go.

More good news - a veritable understatement - is the French connection - see today's RNS; also the Micropore tie up, quite apart from the other fairly recent announcements. Momentum is building up, but at a pace which the group can handle.

Phil is obviously a strong, forceful, driven character (and why not?). The Chairman (Andrew McCree) and the CFO (Derren Stroud), so far as I could tell during the course of one meeting lasting less than an hour, came across as important and capable elements within the group.

No figures were quoted, other than what Cenkos released in their (April?)report. No real surprise there. Hopefully the actual numbers will be (considerably!)better.

On the acquisition front, I got the impression that a potential acquisition didn't happen in 2017, which subsequent events demonstrated failure to purchase the target company, turned out to be for the best.

I could ramble on but, the best way to get a flavour of what the group is really all about, would be for you to get hold of a copy of the 2017 annual accounts (if you haven't already done so) and read pages 7-17.

I came away from the meeting, reasonably happy that my not inconsiderable investment in TPG, has potential to grow over the next 2-4 years, all other things being equal.

By the way, the target turnover of £200m by 2020 is apparently still achievable. My summation though is that an acquisition or two, will probably need to be made to reach that figure.

Hope that helps.

[azalea] 07/6/2018 10:04

Cheap as chips.

[catch007] 07/6/2018 09:37

Increased order book, new collaborations, Polaris major contribution, & preferred supplier status & possible acquisitions from cash pile...….a lot to take comfort here and lots more to come now. Exciting times!

[pavey ark] 07/6/2018 08:56

Sorry Bullster, didn't notice your post when I added my bit about surface ships.

Yes, certainly rosier and rosier.

[bullster] 07/6/2018 08:51

.
.

Don't overlook the surface ships !

There's far more of them, than submarines.



Rosie and rosier.

.
.

[pavey ark] 07/6/2018 08:25

Massive news......while I was typing !!!

I have often wondered about the French set up.

TPG had set up the RN deal but was almost an identical supplier the French navy.

With the rapid expansion at TPG the French navy would not want to find itself in a queue for essential units and parts.

Edit: we are now certain of the Australian submarine work.

Notice that SURFACE SHIPS also get a mention.

[pavey ark] 07/6/2018 08:20

By my calculations the announced contracts that can reasonably be expected to find their way onto the order book came to £17.9m so far in H1.
By simple arithmetic we have at least £10m coming in at sub £500k.
Obviously the big numbered contracts are for Maritime but there have been a few for MS so it could be that the AMC is pulling a reasonable number of sub £500k orders.

[paulgo] 07/6/2018 08:11

....a further announcement to the AGM statement:

07/06/2018 8:10am
RNS Non-Regulatory

TIDMTPG

TP Group PLC

07 June 2018

7 June 2018

TP Group plc

("TP Group" or the "Company" or the "Group")

TP Group and Naval Group agree framework for future work

TP Group (AIM: TPG), the specialist services and engineering group, is pleased to announce it has signed a five-year framework agreement ("the Agreement") with Naval Group, the French defence prime contractor responsible for building submarines and surface ships for the French navy and other international customers.

The Agreement builds upon past work, and seeks to formalise the working arrangements between the two companies. In addition, the Agreement also sets out standard terms of business that will enable TP Group to respond quickly to Naval Group requirements.

The Agreement is effective immediately and will cover work on atmosphere management systems on-board surface ships and submarines in the naval defence industry.

Phil Cartmell, Chief Executive of TP Group commented:

"This is an excellent step forward with our French customer, which enhances our working relationships outside the UK and sets the tone for future collaborations with Naval Group. In addition, this Agreement will enable us to align with their business and respond quickly and effectively to their requirements."

"We look forward to continuing to build on a very fruitful relationship over the next five years and beyond."

[pavey ark] 07/6/2018 07:41

In H1 last year the order intake was £27.4m with no major contract awards in June2017.
If they are now ahead of 2017 at this stage we must assume an order intake close to £30m for H1 2018.

I'll now have a look at broker's forecast but I don't expect an "in line" statement if we get an end of H1 trading update.

It's worth comparing the notified (over £500k)orders for H1 with this £30m figure.
There are obviously an number of sub £500k orders going through.

[tiltonboy] 07/6/2018 07:16

Nice little drop in of AI.

[cerrito] 06/6/2018 22:38

Tday
If I was going I would be focusing on soft issues.
Trying to get a feel if the CEO dominates the Chairman and the Ned's too much.
Depth of management..a lot of the business is people intensive..while we know they have the financial resources to expand by acquisitions do they have the management resources? Especially with Kings departure.
What has happened to the talk of £100 m pa turnover by 2020.
Sorry I cannot join you.
Thanks

[tiltonboy] 06/6/2018 17:30

...and there he is again!

[catch007] 06/6/2018 11:46

Tday: I hope you enjoy the AGM and any feedback would be most appreciated.

Given the constant good news flow I expect this to be a really upbeat AGM exuding management confidence and future prospects. A strong RNS AGM statement can only help bring more attention to the company and hopefully a positive uptick in share price

[tiltonboy] 05/6/2018 22:55

Indeed, the buyer of 500k lots is still around. Hopefully a good AGM statement will see them tick up a fraction more.

[tday] 05/6/2018 16:57

More hooverng up of shares today.

[tday] 05/6/2018 16:55

Cerrito, I telephoned TP and the lady who answered the phone, told me she would go and check the situation. She came back and said I needed to prove that I was a shareholder, otherwise I would not be allowed into the AGM. As it so happens, this morning I had a 'something for you' note from the Royal Mail, that a registered letter - presumably my shareholder confirmation from Barclay's - could be collected by me tomorrow.

So I am off to the AGM on Thursday and will enquire why, on this occasion, a confirmation letter was required, when previously one supposedly wasn't needed.

I will also endeavour to take some notes and chat to a director or two, at the conclusion of the meeting. If you have any questions you would like me to ask, you have until 7.00pm tomorrow, to let me know what they are, since I shall be off early the following morning.

humph, a good idea but no longer needed. Anyway, thanks for the suggestion.

[cerrito] 04/6/2018 17:31

Tday
Very surprised at that as at the 2/3 agms of Tpg I have been to it has never come up when I explain that I am a shareholder but have not bought a letter of representation
I go to 15 approx AGMs a year.
The last time there was an issue was about five years Ago at SIA where they were concerned about pro gorilla protestors and I had to do some talking to get in
Of course if you have no letter of representation you go in as a Guest with no right to vote but that is academic.
Was it the Company Secretary him/ her self who told you?

[humphries1] 04/6/2018 16:31

TDay would they let you go if you took a screen shot of your holdings, might be worth asking them if barclays not playing ball

[tday] 04/6/2018 16:18

PA. I hope to go to the AGM but, Barclay's still haven't sent me a letter confirming my holding in TP, in spite of asking them to do so 5 times since 19 April. Without the letter, TP have informed me today, that I shall not be admitted to the AGM. It seems a bit OTT but, companies seem to be very nervous of potentially unwelcome intruders.

[cerrito] 02/6/2018 19:56

I have some conflicts on the day of the
AGM so am a doubtful starter but have gone through the AR. These are some comments I made for myself and nothing very noteworthy.
For me good that they did not repeat last year's goal of having annual sales of £100m.
Page 14
Interesting that the Chairman repeated warm words for Kings
Page 22
I see that their m&a spend of £200k predominantly to use their words on the three acquisitions made. I pick up on this as am interested to see if last year they spent time/money on acquisitions that did not pan out and this suggests they did not.
Page 28
I am always interested in the discussion on risks and I have no comments on their assessments.Good that have increased the risks assessment on acquisitions and interested that have increased that of key resources, which I take to be personnel ones.
Page 45
Interesting to read auditor's comments on revenue recognition given focus on this. Of medium concern for TPG.
Page 46
Good that auditor had looked at warranties which I often overlooke I see that warranties do not come up in the Risk section
Given that goodwill and intangible assets account for 37% of book net worth I would have expected some comments in this in the Auditor's report. I see from page 79 that the discount rate for goodwill is 11.5 % which is about right.

[pavey ark] 02/6/2018 16:13

Anyone going to the AGM on Thursday ?