The annual general meeting of Hayward Tyler (LON:HAYT) was most likely an upbeat affair even before the high-flying engineer unveiled a new contract win.
Chief executive officer Ewan Lloyd-Baker told shareholders at the meeting the group has won an order to provide four reactor cooling freshwater units for the Royal Navy's sixth and seventh Astute class submarines.
“Valued at over £850,000, the order is due for shipment this financial year," Lloyd-Baker said. To put that into context, the value of the order is equivalent to almost 2% of Hayward Tyler’s revenue last financial year.
The boss of the 199-year-old specialist engineering group also revealed the company has now received formal confirmation of its grant funding of up to £1mln in respect of the civil nuclear ‘Sharing in Growth’ programme with the Nuclear Advanced Manufacturing Research Centre (AMRC).
The funding will be used for ongoing shop-floor improvements, training and business development activity over a three-year period.
The Nuclear AMRC is a collaboration of academic and industrial partners from across the civil nuclear manufacturing supply chain, and has a mission of helping UK manufacturers win work at home and worldwide.
"Hayward Tyler continues to make excellent progress - particularly in our nuclear related activity,” Lloyd-Baker said.
The shares, up more than 80% over the last year, were unchanged on news of the new order.