http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 26 Jun 2017 14:56:30 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Extension to deadline under Rule2.6(c) ]]> http://www.proactiveinvestors.co.uk/companies/rns/170623hayt9575i/ Fri, 23 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170623hayt9575i/ <![CDATA[RNS press release - Update on banking facilities ]]> http://www.proactiveinvestors.co.uk/companies/rns/170601hayt8079g/ Thu, 01 Jun 2017 07:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170601hayt8079g/ <![CDATA[RNS press release - Extension to deadline under Rule2.6(c) of the Code ]]> http://www.proactiveinvestors.co.uk/companies/rns/170526hayt4241g/ Fri, 26 May 2017 15:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170526hayt4241g/ <![CDATA[Media files - Hayward Tyler Group's Ewan Lloyd-Baker 'delighted' with new contract wins ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7484/hayward-tyler-group-s-ewan-lloyd-baker-delighted-with-new-contract-wins-7484.html Thu, 18 May 2017 13:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7484/hayward-tyler-group-s-ewan-lloyd-baker-delighted-with-new-contract-wins-7484.html <![CDATA[News - Hayward Tyler Group lands new contracts worth £2.1mln ]]> http://www.proactiveinvestors.co.uk/companies/news/177975/hayward-tyler-group-lands-new-contracts-worth-21mln-177975.html Hayward Tyler Group PLC (LON:HAYT) has revealed new contract wins with ‘key customers’ worth £2.1mln.

The AIM quoted group’s Peter Brotherhood is to provide a 9 megawatt steam turbine for a project under construction in the UK that is set to become the world’s largest biomass power station. The contract is worth £1.5mln and is due for delivery in 2019.

Another deal sees the group supply the Dongfang Boiler Group with boiler circulating pumps for its new Tian Ming power plant in Sichuan Province, China. This contract is worth around £600,000.

"We are delighted to be announcing these new contract wins which confirm that momentum is continuing to build throughout HTG,” said chief executive Ewan Lloyd-Baker.

“We are proud to be supplying our performance-critical products to these projects, to both new and returning customers, and it remains integral to our international growth strategy as we service a broadening end-market.”

The company also noted progress in terms of its research and development activities.

Hayward Tyler highlighted that its strategic alliance with FSubsea has moved to full-scale prototype development for what is aiming to be the world's most autonomous boosting system. The prototype is due to be tested offshore.

Also, the group’s work with the University of Edinburgh, to develop a generator to harness wave energy, is also seeing prototype progress. The partnership has secured £2.5mln funding via Wave Energy Scotland and the cash will be used to produce the first units and for offshore testing.

“Our work with both FSubsea and with the University of Edinburgh demonstrate our ability to work in partnership with some of the work's finest engineers to deliver technological advances that are likely to have very tangible benefits to their respective sectors," Lloyd-Baker added.

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Thu, 18 May 2017 07:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177975/hayward-tyler-group-lands-new-contracts-worth-21mln-177975.html
<![CDATA[RNS press release - New Order Wins and R&D Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/170518hayt4827f/ Thu, 18 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170518hayt4827f/ <![CDATA[RNS press release - Extension to deadline under Rule2.6(c) of the Code ]]> http://www.proactiveinvestors.co.uk/companies/rns/170428hayt6249d/ Fri, 28 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170428hayt6249d/ <![CDATA[Media files - Hayward Tyler Group CEO 'encouraged' by second half recovery ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7310/hayward-tyler-group-ceo-encouraged-by-second-half-recovery-7310.html Thu, 20 Apr 2017 14:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7310/hayward-tyler-group-ceo-encouraged-by-second-half-recovery-7310.html <![CDATA[News - Pumps and motors group Hayward Tyler sees second half recovery and strong pick-up in orders ]]> http://www.proactiveinvestors.co.uk/companies/news/176645/pumps-and-motors-group-hayward-tyler-sees-second-half-recovery-and-strong-pick-up-in-orders-176645.html Bid target Hayward Tyler PLC (LON:HAYD) returned to profit in the second half of its trading year and will now break even on an underlying basis.

Revenue for the year to March will be around £63mln, said the motors and pumps group, which is in line with expectations revised down after a warning in October.

Hayward added that, as expected, trading over the year was strongly weighted to the latter part of the year.

Second half underlying profit [EBITDA] will be around £4mln-£5mln.

WATCH: Hayward Tyler boss "encouraged" by second half recovery CLICK here to sign-up for the Proactive newsletter 

Orders have also recovered and on an annual basis order are up 11.2% to £68.3mln (FY2016: £61.4m).

Hayward Tyler is in the middle of refinancing plans with its banks while also holding discussions with Avingtrans over a possible takeover.

Net debt was higher at £22.1mln at the year-end reflecting the higher working capital commitment, due the higher orders.

Ewan Lloyd-Baker, chief executive, added it had been an encouraging second half with costs cuts, higher orders and improvements I the sales methods putting it in good stead going forward.

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Thu, 20 Apr 2017 08:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176645/pumps-and-motors-group-hayward-tyler-sees-second-half-recovery-and-strong-pick-up-in-orders-176645.html
<![CDATA[RNS press release - Trading Update and Notice of Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/170420hayt7950c/ Thu, 20 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170420hayt7950c/ <![CDATA[Media files - Hayward Tyler Group boss talks through 'encouraging' new orders worth £3.7mln ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7276/hayward-tyler-group-boss-talks-through-encouraging-new-orders-worth-37mln-7276.html Wed, 12 Apr 2017 12:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7276/hayward-tyler-group-boss-talks-through-encouraging-new-orders-worth-37mln-7276.html <![CDATA[News - Specialist engineer Hayward Tyler Group bags £3.7mln of new orders ]]> http://www.proactiveinvestors.co.uk/companies/news/176355/specialist-engineer-hayward-tyler-group-bags-37mln-of-new-orders-176355.html Shares in the specialist engineer Hayward Tyler Group PLC (LON:HAYT) rose 9% after it unveiled new orders worth £3.7mln.

They include £1mln-worth of after-market business, a £1.5mln deal to deliver eight electric submersible motors and two contracts worth £1.2mln to supply three glandless boiler circulating pumps.

WATCH: New orders "encouraging", says Hayward Tyler CEO ... 

Chief Executive Ewan Lloyd-Baker hailed the company's ability to convert its strong pipeline into “order intake".

"Importantly, these awards are for a range of our products, servicing the varied end-markets across key geographies for the group,” he added.

The chief executive expects the company’s revenues for the year to be in the range of £60mln-£65mln, in line with previous guidance. It will update the City on April 20.

On March 31, Hayward Tyler confirmed it had received a bid approach from Avingtrans (LON:AVG).

The stock advanced 4.35p to 51.25p, valuing the business at £30mln 

(adds share price)

Sign-up for the Proactive newsletter here ]]>
Wed, 12 Apr 2017 07:55:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176355/specialist-engineer-hayward-tyler-group-bags-37mln-of-new-orders-176355.html
<![CDATA[RNS press release - Contract Wins ]]> http://www.proactiveinvestors.co.uk/companies/rns/170412hayt2469c/ Wed, 12 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170412hayt2469c/ <![CDATA[RNS press release - Form 8 (OPD) Hayward Tyler Group plc ]]> http://www.proactiveinvestors.co.uk/companies/rns/170404hayt5829b/ Tue, 04 Apr 2017 17:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170404hayt5829b/ <![CDATA[News - Hayward Tyler in talks with Avingtrans about possible takeover offer ]]> http://www.proactiveinvestors.co.uk/companies/news/175761/hayward-tyler-in-talks-with-avingtrans-about-possible-takeover-offer-175761.html Hayward Tyler Group PLC’s (LON: HAYT) shares have surged more than 39% today after confirming it has been approached by Avingtrans plc (LON:AVG) for a possible takeover offer.

The pumps and motor specialist said discussions with engineer Avingtrans were in the early stages and there was no certainty that an offer will be made.

Avingtrans, which supplies engineered components and services to the energy, medical and traffic management  industries, has until 5.00pm on 28 April to make an offer.  

Shares jumped 39.19% to 51.40p about midday.

Earlier this month Hayward announced a slew of contract wins and said it had extended its deadline for a short-term loan facility. 

It has won a US$2.0mln nuclear-related order through its US business for the domestic US market. The group has also secured other new orders through its US operations totalling $8.3mln (circa £6.8mln) from Korea Hydro Nuclear Power.

Hayward said the deadline for repayment for its £2.4mln short term loan facility has been extended again from 31 March 2017 to 30 April 2017. The annualised measurement of the financial covenants has also been put back from 31 March 2017 to 30 April 2017.

The rescheduling will give the specialist engineer and its bank, the Royal Bank of Scotland, more time to ensure a suitable long term financing structure is in place to support the longer term prospects of the business.

The company’s share price took a hit last year after it revealed some orders were taking longer to close than originally envisaged but said it was merely due to delays rather than lost contracts. 

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Fri, 31 Mar 2017 12:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175761/hayward-tyler-in-talks-with-avingtrans-about-possible-takeover-offer-175761.html
<![CDATA[RNS press release - Response to share price movement - Replacement ]]> http://www.proactiveinvestors.co.uk/companies/rns/170331hayt1853b/ Fri, 31 Mar 2017 11:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170331hayt1853b/ <![CDATA[RNS press release - Response to share price movement ]]> http://www.proactiveinvestors.co.uk/companies/rns/170331hayt1745b/ Fri, 31 Mar 2017 10:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170331hayt1745b/ <![CDATA[Media files - Hayward Tyler Group boss 'encouraged' with yet another contract win ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7117/hayward-tyler-group-boss-encouraged-with-yet-another-contract-win-7117.html Thu, 16 Mar 2017 09:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7117/hayward-tyler-group-boss-encouraged-with-yet-another-contract-win-7117.html <![CDATA[News - Hayward Tyler goes nuclear again with another contract win ]]> http://www.proactiveinvestors.co.uk/companies/news/174894/hayward-tyler-goes-nuclear-again-with-another-contract-win-174894.html Pumps and motors specialist Hayward Tyler Group PLC (LON:HAYT) said the deadline for repayment of its short term loan facility has been extended again.

Read Hayward Tyler's debt repayment deadline extended Read Hayward Tyler: Short-term pain, long-term gain

The repayment date for £2.4mln of short-term borrowings has been extended from 31 March 2017 to 30 April 2017 and the annualised measurement of the financial covenants has also been put back from 31 March 2017 to 30 April 2017.

The rescheduling will give the specialist engineer and its bank, the Royal Bank of Scotland, more time to ensure a suitable long term financing structure is in place to support the longer term prospects of the business.

Meanwhile, the company, which saw its share price dented last year when it revealed some orders were taking longer to close than originally envisaged, proved it was not just trying to put a positive spin on things when it said the orders had merely been delayed rather than lost, as it announced another contract win.

It has won a nuclear-related order through its US business for the domestic US market.

The contract announcement follows hot on the heels of Tuesday’s announcement of a number of new orders, also won through its US operations, totalling $8.3mln (circa £6.8mln) from Korea Hydro Nuclear Power.

The latest contract is valued at US$2.0mln and is for seven units, which are due for delivery during fiscal years 2018/19/20.

The agreement will see Hayward Tyler retrofit existing reactor water clean-up motors with its state of the art seal-less technology for a 3,400 megawatt US nuclear facility.

"We are very pleased to announce another contract win within the group, a win that demonstrates our determination to turn the extensive order pipeline into new order intake. We have a strong reputation within the US market and it is promising to see that our capabilities and products continue to meet demand, providing operating value to our customers,” said Ewan Lloyd-Baker, chief executive officer of Hayward Tyler.

“Our bank, RBS, continues to be supportive through our ongoing journey and we are working together to find the optimal funding structure for the group to support its long term development," he added.

The shares have taken a beating this year, falling 44%, but are up 10% this week.

 

More to follow ...

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Thu, 16 Mar 2017 07:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174894/hayward-tyler-goes-nuclear-again-with-another-contract-win-174894.html
<![CDATA[RNS press release - Bank facility update and new order win ]]> http://www.proactiveinvestors.co.uk/companies/rns/170316hayt6133z/ Thu, 16 Mar 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170316hayt6133z/ <![CDATA[News - Engineer Hayward Tyler wins new orders totalling $8.3mln from a longstanding customer ]]> http://www.proactiveinvestors.co.uk/companies/news/174752/engineer-hayward-tyler-wins-new-orders-totalling-83mln-from-a-longstanding-customer-174752.html Engineer Hayward Tyler Group PLC (LON:HAYT) revealed today that it has won a number of new orders totalling $8.3mln (circa £6.8mln) from a key and longstanding customer.

The motors and pumps specialist said the orders - received through its US operations - are from Korea Hydro Nuclear Power (KHNP) and will be delivered during fiscal year 2018.

KHNP is a leading supplier of electricity to the South Korean energy market and has over 20 nuclear plants operating.

Hayward Tyler’s chief executive, Ewan Lloyd-Baker said: "This is another major contract win for the Group and is testament to the strong relationship we have with our customers.”

He added: ”These orders are further evidence of the Group converting its strong pipeline into tangible order intake.

“Our reputation for delivering performance-critical products remains integral to our international growth strategy as we continue to win new orders across the globe."

In reaction to the order news, Hayward Tyler shares jumped over 11% higher, up 4.25p to 40.25p.

READ: Our Hayward Tyler big picture story …

Back at the start of February, Hayward Tyler had flagged up a very strong pipeline of new business opportunities, though it had said some orders were taking longer to land.

The group said then its pipeline of new business opportunities running through to the end of March 2019 stood at more than half a billion pounds, while the short-term prospects clocked in at £40mln.

 -- Adds share price --

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Tue, 14 Mar 2017 08:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174752/engineer-hayward-tyler-wins-new-orders-totalling-83mln-from-a-longstanding-customer-174752.html
<![CDATA[RNS press release - New order wins ]]> http://www.proactiveinvestors.co.uk/companies/rns/170314hayt3341z/ Tue, 14 Mar 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170314hayt3341z/ <![CDATA[News - Hayward Tyler's debt repayment deadline extended ]]> http://www.proactiveinvestors.co.uk/companies/news/173879/hayward-tyler-s-debt-repayment-deadline-extended-173879.html Pumps and motors engineer Hayward Tyler Group PLC (LON:HAYT) said its bank has extended a repayment deadline from 28 February to 31 March.

The company had been due to pay back £2.4mln to Royal Bank of Scotland by today but the bank has given Hayward Tyler a bit more time to enable a suitable long-term financing structure to be put in place.

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Tue, 28 Feb 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173879/hayward-tyler-s-debt-repayment-deadline-extended-173879.html
<![CDATA[RNS press release - Update on banking support ]]> http://www.proactiveinvestors.co.uk/companies/rns/170228hayt9917x/ Tue, 28 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170228hayt9917x/ <![CDATA[News - Hayward Tyler: Short-term pain, long-term gain ]]> http://www.proactiveinvestors.co.uk/companies/news/173397/hayward-tyler-short-term-pain-long-term-gain-173397.html The investment thesis for pumps and motors specialist Hayward Tyler Group PLC (LON:HAYT) boils down to assessing short-term pain and long-term gain.

Shares in the centuries-old specialist engineer took a buffeting after the company cut revenue and profits guidance for the full year.

The group had previously warned that the current financial year (to end-March) would be weighted to the second half more than usual, and while this has been the case, some of the orders it expected to cross the line in the second half of the year are now expected to be delayed until the new financial year.

Some £30mln of contracts have been delayed, as a result of which the board now expects revenue for the current fiscal year will be in the range of £60-65mln, versus current market expectations of £80mln.

Trading EBITDA (underlying earnings) for the full-year is expected to be break-even, Hayward Tyler said.

House broker finnCap said guidance of break-even at the EBITDA level suggests an adjusted pre-tax loss for the year of £4mln, which is the broker’s new forecast.

It now expects full-year revenues of £63.5mln.

“While the group has a record order book, strong prospects and is expected to return to profit, we anticipate some change to our 2018 forecasts; thus – pending clarification with management and renewal of banking facilities – we place our 2018 forecasts temporarily under review,” finnCap said.

The broker has also put its price target under review, but had words of encouragement for shareholders.

“The shares have fallen heavily over recent months to historically low levels. Today’s announcement is disappointing, but largely anticipated and the shares factor in much of the bad news,” it said.

So, how about those long-term prospects?

The pipeline of new business opportunities running through to the end of March 2019 stands at more than half a billion pounds, while the short-term prospects clock in at £40mln.

The aggregate order intake secured in the four months to 31 January 2017 was £24.3mln, lifting order intake for the first 10 months of the financial year to £49.7mln, bumping up the order book significantly in the process to £52.2mln.

Ewan Lloyd-Baker, chief executive officer (CEO) of Hayward Tyler, reckons the group is well-positioned for further growth following the substantial investment made in the group's facilities, such as the £15mln pumped into building its Centre of Excellence.

The Centre of Excellence adds world-class capabilities to create the world's most advanced facility for specialist motor manufacture, which is also ‘Fit for Nuclear’, the group told investors.

It provides single process flow lines that increase the pace of production and thereby reduces lead times, which provides Hayward Tyler with the opportunity to double capacity from the Luton facility while reducing working capital levels by reducing order fulfilment periods.

There is also the prospect of turning around the Peter Brotherhood business it acquired in 2015.

Hayward Tyler purchased Peter Brotherhood with the aim of rejuvenating a well-respected historic engineering brand and exploiting cross-selling opportunities.

In November 2016, Peter Brotherhood won its first contract since becoming part of Hayward Tyler, for a Tri-generation Combined Heat and Power system, which will not only provide heat or cooling or a combination of both, but also a significant electrical output.

Shortly before Christmas, it bagged another contract win – for a 22.6 megawatt extraction back-pressure steam turbine generator.

This indicates momentum is building, but perhaps not as fast as the market would like.

Another issue clouding the investment case is the group’s banking facility.

On February 13, the group announced the successful completion of its latest loan note issue at £0.6mln. 

The loan notes carry a one-year term and pay interest at 6.75%.

Proceeds of this issue will be used to reduce the company's revolving credit facility with Royal Bank of Scotland (RBS).

Hayward Tyler is due to repay £2.4mln of short-term borrowings to RBC by 28 February – a deadline that has already been extended once.

The group is operating within its current borrowing facilities and continues to have constructive discussions with its bank about ensuring a suitable long term financing structure is in place to support the longer term prospects of the business.

Cantor Fitzgerald said it harbours concerns over the strength of the balance sheet at this juncture.

"All else being equal, we calculate Hayward Tyler could have between £20m and £25m net debt at 31 March and investors will understandably require greater clarity over the management of this before looking further forward," it said.

For those prepared to take a longer view, the last words go to house broker, finnCap.

“The strong order book and pipeline should result in a stronger out turn for 2018 and we look forward to greater clarity on its longer-term capital structure,” it said.

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Mon, 20 Feb 2017 12:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173397/hayward-tyler-short-term-pain-long-term-gain-173397.html
<![CDATA[News - Strong order book and pipeline should result in a stronger out turn for 2018 at Hayward Tyler ]]> http://www.proactiveinvestors.co.uk/companies/news/173382/strong-order-book-and-pipeline-should-result-in-a-stronger-out-turn-for-2018-at-hayward-tyler-173382.html Engineer Hayward Tyler PLC (LON:HAYT) has flagged up a very strong pipeline of new business opportunities, though some orders are taking longer to land.

The motors and pumps specialist said the pipeline of new business opportunities running through to the end of March 2019 stands at more than half a billion pounds, while the short-term prospects clock in at £40mln.

The group had previously warned that the current financial year (to end-March) would be weighted to the second half more than usual, and while this has been the case, some of the orders it expected to cross the line in the second half of the year are now expected to be delayed until the new financial year.

Some £30mln of contracts have been delayed, as a result of which the board now expects revenue for the current fiscal year will be in the range of £60-65mln, versus current market expectations of £80mln.

Trading EBITDA (underlying earnings) for the full-year is expected to be break-even, Hayward Tyler said.

On the bright side, the aggregate order intake secured in the four months to 31 January 2017 was £24.3mln, lifting order intake for the first 10 months of the financial year to £49.7mln, bumping up the order book significantly in the process to £52.2mln.

The group is operating within its current borrowing facilities and continues to have constructive discussions with its bank, Royal Bank of Scotland (RBS), with respect to the repayment of £2.4 million of short term banking facilities, currently extended to 28 February 2017.

The group is also talking to RBS about ensuring a suitable long term financing structure is in place to support the longer term prospects of the business.

House broker finnCap said guidance of break-even at the EBITDA level suggests an adjusted pre-tax loss for the year of £4mln, which is the broker’s new forecast.

It expects full-year revenues of £63.5mln.

“While the group has a record order book, strong prospects and is expected to return to profit, we anticipate some change to our 2018 forecasts; thus – pending clarification with management and renewal of banking facilities – we place our 2018 forecasts temporarily under review,” finnCap said.

The broker has also put its price target under review, but had words of encouragement for shareholders.

“The shares have fallen heavily over recent months to historically low levels. Today’s announcement is disappointing, but largely anticipated and the shares factor in much of the bad news. The strong order book and pipeline should result in a stronger out turn for 2018 and we look forward to greater clarity on its longer-term capital structure,” it said.

Shares in Hayward Tyler were down 2.64p at 45.86p in mid-morning trading.

--- adds broker comment and updates share price ---

 

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Mon, 20 Feb 2017 08:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173382/strong-order-book-and-pipeline-should-result-in-a-stronger-out-turn-for-2018-at-hayward-tyler-173382.html
<![CDATA[RNS press release - Update on trading and continued banking support ]]> http://www.proactiveinvestors.co.uk/companies/rns/170220hayt2480x/ Mon, 20 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170220hayt2480x/ <![CDATA[Media files - Hayward Tyler Group highlights 'strong pipeline of new business opportunities' ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6942/hayward-tyler-group-highlights-strong-pipeline-of-new-business-opportunities--6942.html Mon, 20 Feb 2017 05:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6942/hayward-tyler-group-highlights-strong-pipeline-of-new-business-opportunities--6942.html <![CDATA[RNS press release - Successful completion of loan note raise ]]> http://www.proactiveinvestors.co.uk/companies/rns/170213hayt7473w/ Mon, 13 Feb 2017 13:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170213hayt7473w/ <![CDATA[News - Hayward Tyler's order book continues to grow ]]> http://www.proactiveinvestors.co.uk/companies/news/172512/hayward-tyler-s-order-book-continues-to-grow-172512.html Motors and pumps specialist Hayward Tyler Group PLC (LON:HAYT) said its order intake has continued to grow.

At the end of December 2016, the increase in order intake contributed to an increase in the order book to £54.6mln, a 14% increase from £48.0mln at the end of September 2016.

Read Hayward Tyler delivers steam turbine generator Read Hayward Tyler mulls new loan note programme

As previously indicated, the group has been mulling another loan note issue, and revealed today that it has received expressions of interest from a number of sophisticated and high net worth individuals in supporting the issue of debt.

In all, the interested parties have indicated they would sign up for more than £400,000 of one year loan notes, carrying a coupon of 6.75%.

The group needs short-term funding to repay £3mln due at the end of January under the group’s revolving credit facility; the group’s bank has agreed to extend the repayment date, and remains supportive of Hayward Tyler’s business.

 

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Wed, 01 Feb 2017 15:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172512/hayward-tyler-s-order-book-continues-to-grow-172512.html
<![CDATA[RNS press release - Update on Order Intake ]]> http://www.proactiveinvestors.co.uk/companies/rns/170201hayt7386v/ Wed, 01 Feb 2017 10:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170201hayt7386v/ <![CDATA[News - Hayward Tyler delivers steam turbine generator ]]> http://www.proactiveinvestors.co.uk/companies/news/170932/hayward-tyler-delivers-steam-turbine-generator-170932.html Specialist engineer Hayward Tyler Group PLC (LON:HAYT) said its Peter Brotherhood subsidiary has delivered a steam turbine generator to an S-Oil refinery in South Korea.

The 22.6 megawatt extraction back-pressure steam turbine generator was designed, manufactured and tested in accordance with American Petroleum Institute (API) 612 standards.

It includes an API 614 lubrication and control oil system, as well as an API 613 gearbox.

S-Oil chose Peter Brotherhood as a supplier due to its vast experience in the oil and gas industry, as well as its global reputation for producing high quality, reliable steam turbines in demanding and performance critical environments, Hayward Tyler said.

"As with all our steam turbine packages, the turbine, gearbox, oil system and control system were all successfully tested together in the Peter Brotherhood facility, on steam prior to despatch.” said sales manager Sharron King.

Hayward Tyler purchased Peter Brotherhood just over a year ago with the aim of rejuvenating a well-respected historic engineering brand and exploiting cross-selling opportunities.

Late last month Peter Brotherhood won its first contract since becoming part of Hayward Tyler, for a Tri-generation Combined Heat and Power system, which will not only provide heat or cooling or a combination of both, but also a significant electrical output.

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Fri, 23 Dec 2016 11:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170932/hayward-tyler-delivers-steam-turbine-generator-170932.html
<![CDATA[RNS press release - Order Delivery ]]> http://www.proactiveinvestors.co.uk/companies/rns/161223hayt7326s/ Fri, 23 Dec 2016 10:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161223hayt7326s/ <![CDATA[News - Hayward Tyler mulls new loan note programme ]]> http://www.proactiveinvestors.co.uk/companies/news/170773/hayward-tyler-mulls-new-loan-note-programme-170773.html Specialist engineering group Hayward Tyler Group PLC (LON:HAYT) is considering enlarging its secured loan note programme.

The programme was initiated in 2015 to fund the group’s expansion, including the extension of its Centre of Excellence in Luton.

The company has closed the third issue of loan notes and, encouraged by the support shown by investors, is considering a further issue of loan notes in January.

The latest issue comprised £2.1mln of notes, carrying a coupon of 7%.

The notes will be redeemed on 20 December, 2020.

“Investors' positive response to the new issue reflects the success of the company in completing the Luton Centre of Excellence and integrating the Peter Brotherhood operations,” said Andrew Boyle, chief executive officer of Lesmoir-Gordon, Boyle & Co, the company that arranged the loan note issue. 

“We expect that interest in the loan note programme, particularly among institutional investors, will grow as the company's business develops further," Boyle added.

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Wed, 21 Dec 2016 07:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170773/hayward-tyler-mulls-new-loan-note-programme-170773.html
<![CDATA[RNS press release - Update on New Banking Facilities ]]> http://www.proactiveinvestors.co.uk/companies/rns/161221hayt4182s/ Wed, 21 Dec 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161221hayt4182s/ <![CDATA[Media files - Hayward Tyler Group PLC chief 'pleased to see momentum build' ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6455/hayward-tyler-group-plc-chief-pleased-to-see-momentum-build--6455.html Thu, 24 Nov 2016 10:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6455/hayward-tyler-group-plc-chief-pleased-to-see-momentum-build--6455.html <![CDATA[News - Hayward Tyler bags contracts worth more than £4.5mln ]]> http://www.proactiveinvestors.co.uk/companies/news/169459/hayward-tyler-bags-contracts-worth-more-than-45mln-169459.html Engineering group Hayward Tyler Group PLC (LON:HAYT) has unveiled a series of contract wins worth more than £4.5mln.

After a subdued set of interim results, the pumps and motors group had promised a bumper second half of the financial year, and it has certainly made a good start.

Read Hayward Tyler a strong long-term play, finnCap says Watch Hayward Tyler Group PLC speaks to Proactive's Stocktube

Two of the new orders are from Eureka Pumps for operators in the North Sea. The delivery of these offshore products further demonstrates the breadth of Hayward Tyler’s portfolio for delivering applications to the oil and gas sector, the group said, and complements the recent awards for sub-sea installations off the coast of Brazil and the west coast of Africa.

Additionally, the group has won a contract with Korea Hydro Nuclear Power to replace certain existing Hayward Tyler Group (HTG) pumps that have been in operation for 14 years at their Hanbit power plant, as well as the supply of back-up parts.

Meanwhile, Peter Brotherhood, the steam turbine maker it acquired last year, has won its first contract since becoming part of Hayward Tyler; it is for a Tri-generation Combined Heat and Power system, which will not only provide heat or cooling or a combination of both, but also a significant electrical output.

"We are delighted to be announcing these new contract wins which confirm that momentum is continuing to build throughout HTG. They are testament to the confidence that key clients have in our products and the teams that help deliver them, and having now shipped the S-Oil project, we remain committed to delivering world class products on time in full and right first time across the group," said Ewan Lloyd-Baker, Hayward Tyler’s chief executive officer.

 

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Thu, 24 Nov 2016 08:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169459/hayward-tyler-bags-contracts-worth-more-than-45mln-169459.html
<![CDATA[RNS press release - Contract Wins ]]> http://www.proactiveinvestors.co.uk/companies/rns/161124hayt0021q/ Thu, 24 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161124hayt0021q/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3391p/ Wed, 16 Nov 2016 11:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3391p/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3390p/ Wed, 16 Nov 2016 11:25:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3390p/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3386p/ Wed, 16 Nov 2016 11:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161116hayt3386p/ <![CDATA[News - Hayward Tyler a strong long-term play, finnCap says ]]> http://www.proactiveinvestors.co.uk/companies/news/168992/hayward-tyler-a-strong-long-term-play-finncap-says-168992.html Electric motors and pumps supplier Hayward Tyler Group PLC (LON:HAYT) has seen an up-tick in new order activity in the last couple of months.

The group had already warned the market that its results this year would be heavily weighted to the second half, but recently received orders have underpinned the board’s confidence in meeting the market’s full-year expectations of revenue of around £80mln.

Order intake has improved as the financial year (which runs to the end of March) has worn on, with the first quarter seeing £8.2mln of new orders, the second seeing £17.3mln, while the third quarter – which we are barely halfway through – saw new orders worth £10.9mln flow in.

Revenue in the six months to the end of September rose to £23.1mln from £21.8mln the year before. At the end of the six-month reporting period the order book had risen to £48.0mln from £36.1mln at the beginning of the period; around £21.3mln of that is expected to be recognised as revenue by the end of the current financial year.

The group posted a loss before tax of £6.70mln versus a profit of £1.58mln for the same period of last year, but the board signalled its confidence in the future by upping the interim dividend by 5% to 0.58p from 0.552p the year before.

WATCH: Ewan Lloyd-Baker speaks to Proactive's Stocktube

"As previously announced we anticipated that the current financial year would be very much second half weighted and this has indeed proved to be the case. Importantly, since the end of the first half, momentum in new order wins has improved considerably with aggregate orders of £10.9 million secured since the end of the period,” said Ewan Lloyd-Baker, chief executive officer (CEO) of Hayward Tyler.

The CEO said the group is well-positioned for further growth following the substantial investment made in the group's facilities, such as the £15mln pumped into building its Centre of Excellence, which was officially opened this year by the Duke and Duchess of Cambridge, who also presented the group with the Queen's Award for Enterprise: International Trade.

The Centre of Excellence adds world-class capabilities to create the world's most advanced facility for specialist motor manufacture, which is also ‘Fit for Nuclear’, the group told investors.

It provides single process flow lines that increase the pace of production and thereby reduces lead times, which provides Hayward Tyler with the opportunity to double capacity from the Luton facility while reducing working capital levels by reducing order fulfilment periods.

The group said the outlook for the second half of the financial year is positive, while beyond that the group has a pipeline of opportunities that exceed £500mln.

Cantor Fitzgerald left its full-year profit before tax forecast unchanged at £6.2mln, which implies a second half profit of £12.8mln, or a profit drop-through of around 22%.

“Whilst we don’t view this as particularly challenging for a business like Hayward Tyler, which is highly operationally geared, it naturally requires the continued conversion of a reported ‘encouraging pipeline’ into sales,” said Cantor’s William Game.

Cantor retained its ‘buy’ recommend and 120p target price, on the expectation of on-going positive momentum, based on recent news flow.

House broker finnCap is also leaving its earnings before interest, tax and amortisation (EBITA) forecasts unchanged, but trims its earnings per share forecast for the current year to 2.2% to reflect interest charges on a higher debt level.

“Sentiment is focused on the expected 2H weighting of profits. We continue to believe in a strong longer-term investment case built around returning Peter Brotherhood to profit, utilising the strength of the new Centre of Excellence and the new subsea motor product to gain traction,” said finnCap’s David Buxton, who has a price target of 113p for the shares.

Shares in Hayward Tyler fell 5p to 81p on the results.

 

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Tue, 15 Nov 2016 14:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168992/hayward-tyler-a-strong-long-term-play-finncap-says-168992.html
<![CDATA[RNS press release - Unaudited Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/161115hayt1554p/ Tue, 15 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161115hayt1554p/ <![CDATA[Media files - Hayward Tyler Group PLC 'looking forward to a bumper second half' says CEO ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6388/hayward-tyler-group-plc-looking-forward-to-a-bumper-second-half-says-ceo-6388.html Tue, 15 Nov 2016 06:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6388/hayward-tyler-group-plc-looking-forward-to-a-bumper-second-half-says-ceo-6388.html <![CDATA[News - Hayward Tyler Group boosted by new orders worth over £10mln ]]> http://www.proactiveinvestors.co.uk/companies/news/168954/hayward-tyler-group-boosted-by-new-orders-worth-over-10mln-168954.html Shares in specialist engineer Hayward Tyler Group PLC (LON:HAYT) nudged higher as it reported contract wins at its operating subsidiaries Hayward Tyler and Peter Brotherhood and revised lending facilities.

At Hayward Tyler, it won new orders worth more than £2.5mln for its circulating pumps for boiler makers in China and India, including strategically important customers such as Shanghai Boiler Works and NTPC Ltd (India's largest energy conglomerate)  to be delivered in 2018.

There was another order worth over £2.5mln from FMC Technologies Inc for permanent magnet subsea motors for an offshore oil field off the West coast of Africa and an order from Southern Company valued at $0.8mln.

At Peter Brotherhood, there was a £2mln contract win due for delivery in 2018 for a single 10.5MW steam turbine generator set for a waste heat recovery project for a cement plant in Saudi Arabia, and £1.5mln of orders for a number of gearboxes for use in UK based Radar control towers.

There was also a number of smaller orders totalling around £0.4mln, the group said.

There was also a replacement rotor for a steam turbine in a fertiliser plant in the Middle East valued at over £1mln for delivery within this fiscal year, it added.

Hayward Tyler has also reached agreement with its principal bank, Royal Bank of Scotland. The main changes are a short-term increase in the revolving credit facility to £11.9mln from £3mln  and a relaxation of quarterly financial covenants, which will now be measured from March 2017 onwards.

Shares ticked 2.38% higher to stand at 86p.

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Mon, 14 Nov 2016 16:52:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168954/hayward-tyler-group-boosted-by-new-orders-worth-over-10mln-168954.html
<![CDATA[RNS press release - Contract Wins & Update on New Banking Facilities ]]> http://www.proactiveinvestors.co.uk/companies/rns/161114hayt1279p/ Mon, 14 Nov 2016 14:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161114hayt1279p/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161102hayt0542o/ Wed, 02 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161102hayt0542o/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161101hayt0193o/ Tue, 01 Nov 2016 13:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161101hayt0193o/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/161028hayt7431n/ Fri, 28 Oct 2016 10:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/161028hayt7431n/ <![CDATA[Media files - Order gains underpin Hayward Tyler Group PLC confidence ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6223/order-gains-underpin-hayward-tyler-group-plc-confidence-6223.html Thu, 20 Oct 2016 13:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6223/order-gains-underpin-hayward-tyler-group-plc-confidence-6223.html