TPXimpact annual results beat market expectations but loss widens

TPXimpact Holdings PLC on Tuesday reported that its annual results were in line with expectations, but its loss widened.

The London-based digital transformation provider to UK public services reported that revenue in the year ended March 31 jumped to £84.3 million from £69.7 million a year earlier.

Pretax loss widened to £24.8 million from £20.1 million.

Cost of sales increased to £63.1 million from £5.8 million, whilst administrative expenses jumped yo £44.4 million from £38.4 million.

TPXimpact said its results showed a ‘strong performance’, beating market expectations.

Looking at its new financial year, it said trade in the first two months was ‘in line with budget.’

It noted like-for-like revenue growth of over 11% within the full-year target range of 10% to 15%.

‘I am delighted by the rapid progress the company has made in the first year of our three-year plan. We have successfully executed the strategy we laid out a year ago and the numbers tell the story of that success, achieving all our financial targets and ahead of market expectations,’ said Chief Executive Bjorn Conway.

‘The simplification of the business into our three core platforms of Digital Transformation, manifesto and KITS was achieved ahead of schedule and we have entered the new financial year with a more stable financial and organisational foundation for future growth and success.’

Shares in TPXimpact were up 0.5% to 43.70 pence each in London on Tuesday afternoon.

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