23rd Jun 2015 07:47
LONDON (Alliance News) - Engineering company Hayward Tyler Group PLC on Tuesday said its pretax profit increased in its 2015 financial year but said its order intake in the year was lower due to the timing of orders and as it felt the effects of the tough conditions in oil and gas markets.
Hayward Tyler said its pretax profit for the year to the end of March was GBP4.4 million, up 15% from the GBP3.8 million reported a year earlier. Revenue increased to GBP48.6 million from GBP43.2 million, boosted by solid sales in its original equipment and aftermarket divisions.
Order intake for the group was lower, however, down to GBP41.7 million from GBP46 million, primarily due to contract delays and some weakness in its oil and gas-exposed businesses, though it said the situation for the latter has improved since the end of its financial year.
The company also said it is looking to identify companies "that share similar characteristics to Hayward Tyler to buy, build and grow to generate further shareholder value".
The company said it will pay a final dividend of 0.79 pence per share, up from 0.75 pence a year earlier, giving it a total dividend for the year of 1.315 pence per share, up 5% year-on-year.
"In the year under review, significant progress has been made across the group, not least at our main UK design and manufacturing facility in Luton where works on our Centre of Excellence are now well underway that will result in a near doubling of capacity. The board is further encouraged by the series of key contract wins, together with partnerships, that have been signed and are being progressed since the year-end across our key geographic regions and end markets," said Ewan Lloyd-Baker, Hayward Tyler's chief executive.
Shares in Hayward Tyler were down 4.7% to 81.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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