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Pumps and motors group Hayward Tyler sees second half recovery and strong pick-up in orders

Revenue for the year to March will be around £63mln and in line with expectations revised down after a warning in October.
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Pumps for nuclear systems are one of Hayward's markets

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

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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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