IN BRIEF: TPXimpact extends maturity, lowers amount of credit facility

TPXimpact Holdings PLC - London-based provider of "digital transformation" services to the UK ...

Alliance News 24 June, 2024 | 12:47PM
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TPXimpact Holdings PLC - London-based provider of "digital transformation" services to the UK public sector - Agrees to extend the maturity of the revolving credit facility by one year to July 2026 and to reduce the amount to GBP25 million from GBP30 million effective from June 21. This better reflects the ongoing needs of the business, company says. Follows an improvement in the debt position which at the end of March was at a three-year low. TPXimpact says the accordion of GBP15 million will continue to be available, if required. In addition, says the borrowing conditions of the RCF have been eased, one quarter ahead of schedule.

Chief Finance Officer Steve Winters comments: "We have made significant progress in reducing debt over the last twelve months. The favourable amendments to our financing arrangements announced today represent a return to a more normal framework for debt and cash management and will allow us greater freedom to manage and invest in the business effectively."

"With a strong balance sheet, we continue to be well-positioned to achieve our targets for top-line growth and margin improvement, in line with our three-year plan, as well as manage interest costs more efficiently."

Current stock price: 43.85 pence

12-month change: up 15%

By Jeremy Cutler, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
TPXimpact Holdings PLC Ordinary Shares 53.50 GBX 17.58 -

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