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.
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.