TP Group PLC ESA framework contract extension

TIDMTPG

TP Group PLC

24 March 2020

RNS Reach

24 March 2020

TP Group plc

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

ESA framework contract extension

TP Group (AIM: TPG), the providers of mission-critical solutions for a more secure world, announces that its subsidiary Sapienza Consulting has been awarded an extension to its framework contract with the European Space Agency ("ESA"). The framework agreement will now run until the end of December 2022.

The contract was initiated 1 July 2017 to supply resources and services to the European Space Technology Centre ("ESTEC") at Nordwijk in the Netherlands. At the end of March 2020, the contract will have generated approximately EUR31 million of revenue to the business. This extension adds a further 30 months to the framework agreement and is anticipated to run at a similar business volume over that term.

Phil Cartmell, Chief Executive Officer of TP Group, commented:

"The extension of this framework agreement is a welcome confirmation of the future business profile of Sapienza Consulting in the Netherlands, and it shows that under the current difficult operating conditions, institutions and business can continue and plan for the future. This award reflects the hard work and quality service that has been provided by our team over the last three years and positions us well to work with ESA on their exciting portfolio of future space missions."

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 Securities plc                     Tel: [phone] 
  Stephen Keys / Mark Connelly / Callum 
   Davidson 
  www.cenkos.com 
 
  Vigo Communications                       Tel: [phone] 
  Jeremy Garcia / Charlie Neish / 
   Fiona Norman 
  www.vigocomms.com 
 

Notes to Editors

TP Group delivers complex equipment, software and services for mission-, business- and safety critical applications in defence, space, intelligence & security and energy sectors. With more than 400 people in 6 European countries, it serves global customers through long-term contracts. The Group's shares have been traded on AIM since July 2001.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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March 24, 2020 03:00 ET (07:00 GMT)