Hayward Tyler buoyed by 'fifth quarter' contract wins

1st May 2013 13:47

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