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March 30, 2015

Hayward Tyler on course to meet expectations; unveils new contract win

Specialist engineering group Hayward Tyler (LON:HAYT) disclosed a £600,000 contract win in an upbeat fiscal fourth quarter update.

The company said trading has been healthy across its markets in 2015, and that it successfully opened a new sales office in Shanghai to complement its existing service and overhaul facility in Kunshan, while the expansion of its Luton facility to meet anticipated increased demand remains on track.

The new contract announced on Monday was from Shanghai Boiler Works in China for the delivery of two boiler circulating pumps for the 1000 megawatt super-critical Beijiang power plant in Tianjin Province, Northern China. The pumps are due for delivery in October and November this year.

Meanwhile, in India, an after-market order due for delivery before the end of December and valued at over £0.5mln, further supports the company's conventional power generation installed base in Chhattisgarh state, Hayward Tyler said.

Outside of the conventional power generation market, the company is hot on the trail of new contracts in the UK nuclear new build market, while in the oil & gas sector, the company is receiving significant interest from the industry as a result of the ability of its technology to secure greater efficiency and extraction from offshore wells.

"In spite of the tightening market conditions, the group continues to make solid progress across its chosen markets, which underpins management's expectation of meeting market expectations for the full year," said Ewan Lloyd-Baker, chief executive officer of Hayward Tyler.


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