16 March 2017
Hayward Tyler Group PLC
Update on Banking Support and New Order Win
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the specialist engineering Group, comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce the following update on banking support and on another new order win.
Further to the announcement made on 28 February 2017, the Group continues to have constructive discussions with its bank, Royal Bank of Scotland ("RBS"), regarding the repayment of £2.4 million of short term banking facilities. The repayment date 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.
Additionally, the Group has won a nuclear related order through its US business, this time for the domestic US market. The contract is valued at $2.0m and the seven units 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 MW US nuclear facility.
Chief Executive Ewan Lloyd-Baker commented:
"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.
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."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited, NOMAD and Broker +44 (0)20 7220 0500
Matt Goode / Emily Watts, Corporate Finance
Tim Redfern / Tony Quirke, Corporate Broking
Buchanan Communications, Financial PR +44(0)207 466 5000
This information is provided by RNS