http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 23 Mar 2017 00:25:17 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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 <![CDATA[News - Hayward Tyler confident of second half improvement ]]> http://www.proactiveinvestors.co.uk/companies/news/167702/hayward-tyler-confident-of-second-half-improvement-167702.html Specialist engineer Hayward Tyler Group PLC (LON:HAYT) remains confident of meeting revenue forecasts this year of £80mln in spite of a flat first half as orders have picked up recently. 

Sales in the half year to September were £22.5mln (£21.8mln), which will mean an operating loss of £5.5mln, but the order book at the end of the period was £48mln.

Hayward added that based on this, its strong pipeline of opportunities, improved order intake and a shorter revenue cycle it was confident of meeting market expectations.

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Thu, 20 Oct 2016 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167702/hayward-tyler-confident-of-second-half-improvement-167702.html
<![CDATA[RNS press release - Notice of interim results & trading update ]]> http://www.proactiveinvestors.co.uk/companies/rns/161020hayt9994m/ Thu, 20 Oct 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/161020hayt9994m/ <![CDATA[News - Hinkley scheme go-ahead but which firms benefit? ]]> http://www.proactiveinvestors.co.uk/companies/news/165949/hinkley-scheme-go-ahead-but-which-firms-benefit-165949.html UK engineering firms saw shares rise in the wake of the government's decision to give the go-ahead for a controversial US$18bn new nuclear plant at Hinkley.

The EDF-built plant will be the first new nuclear reactor built in the UK for 20 years and will help plug the  energy gap as the government plans to close all coal-fired stations by 2025 and retire most of its nuclear sites.

Redhall Group shares surge 

Installation and decommissioning specialist and AIM-qoted Redhall Group plc (LON:RHL) was an early gainer, firing up over 32% to 11.625p, as it said it believed its Booth Industries and Jordan Manufacturing businees would benefit. Later it fell back to 10.25p in afternoon deals.

Both have been responding to tenders for high integrity manufacturing for Hinkley Point C, it said in a brief statement.

Also up were shares in boiler, parts and pump maker Hayward Tyler (LON:HATY), which has proven nuclear experience.  The company supplied units to the original Sellafield site, now undergoing decommissioning.

Although its business related to oil and gas had obviously taken a knock, it said in July it was looking to expand in other areas, including nuclear. Shares added 3.41% to 91p each.

Other groups, which may well feel the effects of the Hinkley decison include Kier Group (LON:KIE) and Weir Group (LON:WEIR).

Safeguards in place

Earlier the government said there had been a new agreement with French giant EDF on the Hinkley C project, which saw safeguards put in place to protect issues which may come up in the future.

Ministers said they would not allow significant stakes in Hinkley to be sold without the government's knowledge or consent.

A statement added: "There will be reforms to the government's approach to the ownership and control of critical infrastructure to ensure the full implications of foreign ownership are scrutinised for the purposes of national security."

The agreement "in principle" means that the UK would be able to prevent a sale of the French firm's controlling stake before construction is completed.

Construction at Hinkley is expected to create 25,000 jobs and the two reactors will provide 7% of Britain's electricity- enough to power 6mln homes.

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Thu, 15 Sep 2016 12:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/165949/hinkley-scheme-go-ahead-but-which-firms-benefit-165949.html
<![CDATA[News - Controversial Hinkley Point gets go-ahead ]]> http://www.proactiveinvestors.co.uk/companies/news/165939/controversial-hinkley-point-gets-go-ahead-165939.html A future source for UK energy became a little clearer today as the government said yes to the controversial US$18bn new nuclear reactor at Hinkley in Somerset.

The government said there had been a new agreement with French giant EDF on the Hinkley C project.

EDF is financing the majority of the project with the Chinese putting in £6bn.

New safeguards in place 

But there have been new safeguards put in place for future nuclear projects.

Whitehall said in a statement: "After Hinkley, the British Government will take a special share in all future nuclear new build projects.

"This will ensure that significant stakes cannot be sold without the Government's knowledge or consent."

It added: "There will be reforms to the government's approach to the ownership and control of critical infrastructure to ensure that the full implications of foreign ownership are scrutinised for the purposes of national security."

The agreement "in principle" means that the UK would be able to prevent a sale of the French firm's controlling stake before construction is completed

New PM stalls to conduct a review

In July, new Prime Minister  Theresa May slammed the brakes on the deal at the 11th hour, calling for an audit, just after EDF bosses had given the go-ahead for work to begin.

Commentary about the possible reasons for the stall were many, including security implications, the Chinese involvement and the high cost of the electricity that will likely feed through to affect household bills.

The base price has been set at £92.5 per megawatt hour which the government will have to pay, although that is far higher than the market rate.

Other fears swirled about whether EDF can deliver the project on time and on budget.

Construction at Hinkley is expected to create 25,000 jobs and the two reactors will provide 7% of Britain's electricity- enough to power 6mln homes.

More follows

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Thu, 15 Sep 2016 09:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/165939/controversial-hinkley-point-gets-go-ahead-165939.html
<![CDATA[News - Royals snip the tape at Hayward Tyler's Centre of Excellence ]]> http://www.proactiveinvestors.co.uk/companies/news/129704/royals-snip-the-tape-at-hayward-tyler-s-centre-of-excellence-129704.html There has been a run on bunting this week, with royalty officially opening Hayward Tyler Group PLC’s (LON:HAYT) new facility yesterday.

The specialist engineering group’s “fit for nuclear" facility in Luton, which recently underwent a multi-million pound refurbishment to support the group’s long-term growth plans, was officially opened by the Duke and Duchess of Cambridge.

The Centre of Excellence is now the world's most advanced facility for specialist fluid-filled motor manufacturing, the electric motors and pumps specialist said.

The Duke and Duchess also made the presentation of the Queen's Award for Enterprise to Ewan Lloyd-Baker, the chief executive of the Hayward Tyler Group. The Queen's Awards for Enterprise are the most prestigious accolades for businesses in the United Kingdom.

“It was a great pleasure to host the Duke and Duchess to officially open the facility and also to present us with the Queen's Award, an award that demonstrates the significant progress the Hayward Tyler Group has made, and will continue to make, with the help of everyone at the company," Lloyd-Baker said.

“We were proud to showcase the new facility to our strategic partners and loyal customers who will benefit from our enhanced capabilities,” he added.

Read Hayward Tyler to get its motor running Read Hayward Tyler hits takeover trail as profits rise Watch Hayward Tyler seeking acquisitions after good year

 

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Thu, 25 Aug 2016 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129704/royals-snip-the-tape-at-hayward-tyler-s-centre-of-excellence-129704.html
<![CDATA[RNS press release - Royal Opening of the Centre of Excellence ]]> http://www.proactiveinvestors.co.uk/companies/rns/160825hayt0682i/ Thu, 25 Aug 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160825hayt0682i/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/160804hayt2998g/ Thu, 04 Aug 2016 14:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160804hayt2998g/ <![CDATA[RNS press release - Publication of ARA and Posting of Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/160712hayt8606d/ Tue, 12 Jul 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160712hayt8606d/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/160708hayt7099d/ Fri, 08 Jul 2016 13:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160708hayt7099d/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/160707hayt5136d/ Thu, 07 Jul 2016 08:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160707hayt5136d/ <![CDATA[RNS press release - Site Visit and Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/160706hayt3412d/ Wed, 06 Jul 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160706hayt3412d/ <![CDATA[Media files - Hayward Tyler seeking acquisitions after good year ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5238/hayward-tyler-seeking-acquisitions-after-good-year-5238.html Tue, 05 Jul 2016 14:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5238/hayward-tyler-seeking-acquisitions-after-good-year-5238.html <![CDATA[News - Hayward Tyler hits takeover trail as profits rise ]]> http://www.proactiveinvestors.co.uk/companies/news/124138/hayward-tyler-hits-takeover-trail-as-profits-rise-124138.html Hayward Tyler Group PLC (LON:HAYT) said it was on the lookout for more acquisitions as the 200-year-old engineer posted higher profits.

The electric motor and pump supplier said it planned to expand overseas and to seek businesses similar to its existing operations.

Hayward said pre-tax trading profit rose 18% to £5.1mln on a 27% increase in revenue to £61.6mln. The group lifted its dividend per share by 5% to 1.38p.

Although the oil & gas industry has taken a hit from lower crude prices, Hayward has struck alliances with companies in Japan and elsewhere to make equipment for coal-fired and nuclear power stations.

It said it was now ready to embark on the next phase of its growth strategy, including acquisitions to add to last year's purchase of steam turbine maker Peter Brotherhood (PB).

Chief executive Ewan Lloyd-Baker said: "The group is well-placed to achieve the board's growth ambitions.

"Provided the recent political and economic uncertainty does not dramatically affect all our end markets, the board remains confident in the prospects for the business."

The group said its eponymous Hayward Tyler business achieved "a credible performance" and was "set to strengthen further."

It said the revitalisation of PB was already achieving good progress with the brand resurrected and new orders won.

It spent £10.1mln on buying PB in October 2015 and invested £9.8mln in a "centre of excellence".

Chairman John May said: "The development of the group's order book is likely to see the financial performance having a stronger bias towards the second half of FY2017. Overall the board remains confident."

Oil & gas is a relatively small part of the business

Oil & gas is just one of the sectors Hayward Tyler addresses – it also serves the power markets (conventional, nuclear and renewable), the chemical sector and general industry – and, in fact, the sector provided only around 8% of the firm's revenue in the year to 31 March 2015, so concerns have been overblown.

The company's US$15mln acquisition of Peter Brotherhood, a UK maker of steam turbines and gas compressors, announced back in October, provided a catalyst for the share price and signalled a new phase in the engineer's long and storied history, setting the stage for the next level of growth across the global energy sector, while cementing its position in the oil & gas and speciality chemical markets.

With a history spanning almost 150 years, Peter Brotherhood has not been around quite as long as Hayward Tyler, and it could probably do with a bit of settled ownership, having changed hands three times already this century, including a spell when the name Peter Brotherhood disappeared altogether under Dresser-Rand, an arm of German industrial giant Siemens.

“Over the last few years it [Peter Brotherhood] took the name off the door and became the Peterborough business of Dresser Rand,” observed Ewan Lloyd-Baker, chief executive officer of Hayward Tyler.

The plan now, he said, is to bring the brand back to the forefront, and to get back to building on its heritage.

Lloyd-Baker has form in this regard; it was on his watch that the company ditched the generic if descriptive name Specialist Energy Group and adopted the name of its best known brand: Hayward Tyler.

“Great British brands, particularly from an engine perspective, have got kudos for reliability and quality around the world and often we in the UK undervalue our engineering heritage and what it means to our customers in overseas countries,” Lloyd-Baker said.

Beefing up the balance sheet

The acquisition of Peter Brotherhood gave Hayward Tyler ownership of an 11.5 acre site in Peterborough that the group sold for £7.5mln, and leased back at a cost of £575,000.

The leaseback will enable Hayward to pay back some senior debt, saving an estimated £250,000 a year in interest costs, while considerably beefing up the balance sheet of a company that under the current management team has not been afraid to invest in the business.

The group has invested heavily in its Luton facility, which will become a centre of engineering excellence. When completed shortly, the plant’s capacity will double and lead time on orders will be reduced.

Net debt increased as planned from £7.9mln at March 31 2015 to £8.6mln at the end of March this year, driven mainly by investment at Luton.

"The expansion of our Luton operations and the creation of a centre of excellence within the group there, forms a central component to our on-going growth plans,” according to Lloyd-Baker.

What the share price did

Shares in the group fell 5p, or 6%, to 78.5p.

What the brokers said

House broker FinnCap said it was not changing its 2017 profit forecasts, with the expectation that profits will be second-half weighted due to the timing of orders.

It added: "The shares have dipped in value and we believe they are now excellent value.

"We maintain our 113p price target, seeing significant upside on a two-to-three year view."

Cantor Fitzgerald said short-term risks included converting potential business to actual orders, particularly at PB, economic pressures and currency fluctuations.

But it noted a 67% rise in the order book at the end of the year, adding: “On this basis, we retain our ‘buy’ recommendation and target price of 120p.

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Tue, 05 Jul 2016 12:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124138/hayward-tyler-hits-takeover-trail-as-profits-rise-124138.html
<![CDATA[News - Hayward Tyler boosts profits but cautions on potential EU vote impact ]]> http://www.proactiveinvestors.co.uk/companies/news/127823/hayward-tyler-boosts-profits-but-cautions-on-potential-eu-vote-impact-127823.html Engineer Hayward Tyler Group PLC (LON:HAYT) reported higher profits but cautioned that EU referendum chaos could have an impact on its business.

Hayward said pre-tax trading profit rose 18% to £5.1mln on a 27% increase in revenue to £61.6mln. The group lifted its dividend per share by 5% to 1.38p.

Chief executive Ewan Lloyd-Baker said: "The group is well-placed to achieve the board's growth ambitions.

"Provided the recent political and economic uncertainty does not dramatically affect all our end markets, the board remains confident in the prospects for the business."

The group said its eponymous Hayward Tyler business achieved "a credible performance" and was "set to strengthen further."

It said the revitalisation of its newly acquired Peter Brotherhood (PB) steam turbine business was already achieving good progress with the brand resurrected and new orders won.

It spent £10.1mln on buying PB in October 2015 and invested £9.8mln in a "centre of excellence".

Shares in Hayward rose 1p, or 1.2%, to 84.5p in early London trading.

FinnCap said that overall, the results marked a step-change from the five-month inclusion of PB, albeit they were marginally lower than forecast.

The house broker said it was not changing its 2017 profit forecasts, with the expectation that profits will be second-half weighted due to the timing of orders.

It added: "The shares have dipped in value and we believe they are now excellent value.

"We maintain our 113p price target, seeing significant upside on a two-to-three year view."

Another broker, Cantor Fitzgerald, said Hayward's pre-tax profit was in line with its forecasts.

Cantor, which has a 'buy' rating and a 120p target price on the stock, said: "Hayward has made excellent progress in FY2016 and management is clearly delivering against its strategy."

--- Updates with broker comment, share price ---

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Tue, 05 Jul 2016 11:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127823/hayward-tyler-boosts-profits-but-cautions-on-potential-eu-vote-impact-127823.html
<![CDATA[RNS press release - Results for the year ended 31 March 2016 ]]> http://www.proactiveinvestors.co.uk/companies/rns/160705hayt2088d/ Tue, 05 Jul 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160705hayt2088d/ <![CDATA[News - Hayward Tyler on the hunt for 'big ticket' orders ]]> http://www.proactiveinvestors.co.uk/companies/news/125276/hayward-tyler-on-the-hunt-for-big-ticket-orders-125276.html Strong order intake from the core operations of specialist engineering group Hayward Tyler Group PLC (LON:HAYT) received a handy boost from the Peter Brotherhood business acquired in October.

The order intake for the whole group in the year to 31 March, 2016, clocked in at £61.4mln, up 47% year-on-year.

Underlying growth in the order intake from the core Hayward Tyler business units rose 29% from the year before to £54.0mln.

As at 31 March 2016, the group's order book stood at £36.1mln, up 67% from £21.6mln a year earlier. The increase reflects both the contribution from the recently acquired Peter Brotherhood business, which has an order book of £9.4mln, and organic growth of 24% from the Hayward Tyler branded business units, where the order book stands at £26.7mln.

Among the key orders that contributed to the improved performance was one worth around £2mln for deployment in a deep-water project off the coast of Brazil, as a result of the company's previously announced alliance with US technology giant FMC Technologies (NYSE:FTI), and another, the first submersible motor unit ordered by Ebara Corporation, which as a result of the agency partnership announced at the time of the company's interim results.

It was nice to be able to finally demonstrate to the City that these alliances had generated orders, Ewan Lloyd-Baker, chief executive officer of Hayward Tyler, told Proactive Investors, and the partnerships are clearly important if the company is to keep growing in an increasingly competitive environment.

“The whole climate is a lot tougher than it was, say, six - 12 months ago, but because we're not just focused on one particular sector – we've got a foot in the nuclear camp, the oil & gas camp, the fossil fuel power camp – it gives us that broad spread,” the Hayward Tyler CEO observed.

Following the sale and leaseback announced last month of the Peterborough facility acquired as part of the Peter Brotherhood purchase, net debt at the year-end stood at £11.0mln, which is well below the company's stated target key performance indicator of a net debt to EBITDA (underlying earnings) ratio of less than two times.

Speaking of the Peter Brotherhood acquisition, Lloyd-Baker said it was great to announce the first order for Peter Brotherhood under the Hayward Tyler aegis.

Peter Brotherhood has won a £3.8mln turbo gen-set project with S-Oil Corporation for a refinery in South Korea.

The integration of two storied names in British engineering is going well and since taking over Peter Brotherhood the company has “not found any skeletons in the closet, which is always a good thing,” Lloyd-Baker said.

The two business units exchange views on best practice, but in the main the benefits are expected to come from combining sales efforts.

“With the global coverage we've got from an HT [Hayward Tyler] perspective, we'll be able to tap into that from a Peter Brotherhood perspective,” Lloyd-Baker said.

The hunt is on, then, for some big ticket ticket orders, “and if we win them, I am confident we can ship them,” Lloyd-Baker declared.

The company has invested heavily in its Centre of Excellence in Luton, which has the potential to double capacity at the site, and the project remains on track to go live by 30 June, 2016.

Lloyd-Baker explained to Proactive it was not so much the doubling of capacity at Luton that was important as the enhanced technological ability that had enabled it to land a broader range of contracts.

"We are pleased that our expanded product suite through the Peter Brotherhood acquisition continues to provide us valuable exposure to growing markets in spite of the tightening economic conditions,” Ewan Lloyd-Baker said in a stock market statement.

“We are also particularly encouraged that our focus on partnership solutions is now generating traction, particularly in the oil and gas market where we are working to enhance extraction at reduced cost, thereby improving the economics and extending the operating life of existing wells.

“It is also promising to see the anticipated improvement in our US operation driven by a strong growth in the nuclear sector. As a result we expect our results for the year ended 31 March 2016 will be broadly in-line with management expectations," he added.

Shares rose 3.9% to 84.7p in the morning trading session, some way below house broker finnCap's target price of 113p.

"We maintain our 2017 forecasts with a robust increase in the order book. The shares appear attractively valued versus the industrial peer group," finnCap said.

---ADDS CEO & BROKER COMMENTS, AND SHARE PRICE---

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Wed, 27 Apr 2016 11:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125276/hayward-tyler-on-the-hunt-for-big-ticket-orders-125276.html
<![CDATA[RNS press release - Notice of results, update, and analysts briefing ]]> http://www.proactiveinvestors.co.uk/companies/rns/160427hayt4379w/ Wed, 27 Apr 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160427hayt4379w/