Hayward Tyler interim profit grows in H1

11th Nov 2014 15:44

Engineering firm Hayward Tyler said higher revenue in the first six months of 2014 saw an increase in its interim pre-tax profits.The firm reported pre-tax profit of £1.84m for the six months to 30 September, slightly up from £1.82m in the corresponding period in 2013.Hayward added that higher cost of sales held back its profit gains in the period, while revenue increased to £24m from £20.3m, largely thanks to contract wins and to an increase in order intake.However, as cost of sales rose quicker than revenue, gross profit margin decreased to 32% from 37%, while the loss on the fair value of the derivatives amounted to £168,000."We look forward to continuing to grow our market presence and maintaining our progressive dividend policy," group chief executive Ewan Lloyd-Baker in a statement.The firm's net profit for the year rose to £1.5m from £0.9m and the company said it had raised its interim dividend to 0.52p, 5% higher than the 0.5p it declared in 2013 and that it remained confident ahead of the future, thanks to a combination of market opportunity and underlying operational improvement.Hayward Tyler shares were down 1.22% to 81p at 15:59 on Tuesday.