TP Group shares rally on military satellite contract
Abraham Darwyne
Company News - 2 min read
09:15, 7th October 2019

TP Group (TPG) FOLLOW, the AIM listed defence contractor, won a Ministry of Defence contract for Skynet Client Side Support on Monday.

The company said that first task orders have been issued, with a committed value of £1.5 million to be delivered over the next 12 months.

TP Group said it is working with PA Consulting, the prime contractor, for Client Side Support, providing technical assurance, approvals, analysis and cost estimation for what the company said is the third largest acquisition project in the Ministry of Defence.

Shares in TP Group rallied 5.47% to 6.75p in early morning trading following the news

Phil Cartmell, Chief Executive Officer of TP Group, commented: "We are very pleased to join the PA Consulting team for such a prestigious project in military satellite communications and technology.”

The contract is planned to last for 5 years, with an advertised value of £150 million.

Mr. Cartmell added: “Following the acquisition of Sapienza Consulting earlier this year, this win cements the Company's role as a trusted partner to MOD in this high technology field and positions the Group for other major space programme work throughout Europe."

The company acquired Sapienza for €10 million in cash and €1.5 million worth of shares in the TP Group in May.

The acquisition was to extend the company’s space industry capabilities, and a larger footprint in Europe.

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