Half year results from TP Group confirmed that progress is in line with market expectations for the full year. Revenues, profitability and cash flow all continued to improve, and order intake is growing in H2. The company’s strategy is being consistently delivered and once the recapitalisation is approved, TP Group should be well positioned to augment organic returns and shareholder value creation with strategic bolt-ons. Our revised sum-of-the-parts fair value estimate, based on the new divisional EBITDA contribution in 2017, is currently 8.48p.
