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 £25 million from £30 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 £15 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%
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