Hayward Tyler sees strong underlying improvement

13th May 2014 12:59

Engineering group Hayward Tyler announced it has seen a strong improvement in underlying operations with orders across the company's markets remaining buoyant.The group's new orders for the year stood at £46m which was 8% ahead of the same period for the previous year. Directors in the group were "encouraged" by progress from the firm's nuclear sector.Following the £2.3m order with Swedish firm, Forsmark, which was announced on March, the group has won a further civil nuclear contract in South Korea valued at $0.6m which is expected to commence within the current financial year.The group anticipates results for the year ended March 31st to be at least in line with current market expectations and plans to release consolidated results for that period in the week commencing June 30th. Chief Executive Officer Ewan Lloyd-Baker said: "We are encouraged particularly by the improving economic climate and the broad increase of capital investment into both the conventional and nuclear power generation markets and the subsea oil and gas exploration markets globally. "We are confident that the combination of our marketing initiatives and the investment into our R&D and manufacturing facilities that the Regional Growth Fund grant will deliver should enable us to continue to meet or exceed our gross and operating profit margin targets whilst maintaining our aspirations for double digit growth."As of 14:03, the share price had risen by 7.35% to 72p.WS