Hayward Tyler buoyed by 'fifth quarter' contract wins

Specialist pumps and motors maker Hayward Tyler has enjoyed a strong level of new orders in the "fifth quarter" of its extended financial year.

Specialist pumps and motors maker Hayward Tyler has enjoyed a strong level of new orders in the "fifth quarter" of its extended financial year.

The AIM-listed engineer is moving its year end from December 31st to March 31st in order to align year ends with its largest shareholder, MBE Mineral Technologies, which owns 42% of the company.

Hayward, which makes pumps and motors for the energy and oil & gas industries, has enjoyed continuing operational benefits from its sourcing relationship with MBE Cologne, with an improvement in working capital and a significant reduction in receivables leading to a 12% reduction in net debt by the quarter end to £8.5m.

The strong growth in order intake experienced in third and fourth quarters has continued into the final quarter the company said, with £15m of new orders having been secured since the end of 2012.

Notable contract wins for the company in the period included £2.8m of conventional power pump orders from China and India, $5.0m (£3.1m) of nuclear related orders won by the US business, which included its largest nuclear order received over the last decade, £1.2m of oil and gas orders recorded by the UK business and £2.7m of mainly power related orders for Africa.

Ewan Lloyd-Baker, Chief Executive Officer, was encouraged by the progress being made in overseas markets, saying: "We are confident that this trend underpins the growth aspirations of the business.

"In addition, positive trends in our end markets combined with the steps we have taken to control costs and invest in our manufacturing facilities, particularly in Luton, give us further reason for confidence in the current year."

Shares in Hayward Tyler were up 10.7% to 31p by 13.48 on the day of the announcement.

OH

Recommended

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin does consume a lot of energy – but here’s why it’s worth it
Bitcoin

Bitcoin does consume a lot of energy – but here’s why it’s worth it

Some people question bitcoin’s legitimacy because it uses huge amounts of electricity to maintain its network. But that’s not a failing, says Dominic …
27 Jan 2021
Joe Biden’s spending spree will lift American spirits and markets – but it comes with a sting in the tail
US stockmarkets

Joe Biden’s spending spree will lift American spirits and markets – but it comes with a sting in the tail

New US president Joe Biden is planning to throw trillions of dollars in stimulus at his country’s economy. Markets will love that. But it comes with a…
25 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021