TP Group PLC Contract Update (1212E)

TIDMTPG

RNS Number : 1212E

TP Group PLC

04 May 2017

4 May 2017

TP Group plc

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

Contract Update

First Call-off GBP9.7m 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 GBP9.7m, under the framework contract for Combined Oxygen Generating Systems ('COGS').

The framework contract, with potential value up to GBP22.5m, 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: [phone] 
 Phil Cartmell, Chief 
  Executive Officer 
 Derren Stroud, Chief 
  Financial Officer 
 www.tpgroup.uk.com 
 
 Cenkos                   Tel: [phone] 
 Mark Connelly / Callum 
  Davidson 
 www.cenkos.com 
 
 Vigo Communications      Tel: [phone] 
 Jeremy Garcia / Fiona 
  Henson 
 www.vigocomms.com 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 04, 2017 02:00 ET (06:00 GMT)