13th May 2014 09:02
LONDON (Alliance News) - Hayward Tyler Group PLC said Tuesday that the strong improvement in the underlying operations in its interim results have continued into the second-half of the year and that order intake across the company's core markets has remained buoyant.
The specialist engineering firm said the strong momentum reported in its interim results has continued in the second-half, with new orders up 8% on the comparative period last year at GBP46 million, as at March 31, 2014.
In a trading update, Hayward Tyler said it is encouraged by the progress being shown in the nuclear market as a result of its Nuclear Excellence drive. Following on from the recent Forsmark win announced in March, the company has won a further civil nuclear contract in South Korea valued at USD600,000 for Korea Hydro & Nuclear Power, to be fulfilled within the current financial year, it said.
The firm noted that it is also seeing increasing activity in the conventional power market, particularly within Greater China, having recently won a USD5.4 million order for eight boiler circulating pumps for two supercritical projects for delivery over the next 15 months. In March this year the firm also won GBP2.0 million in project wins in China and Eastern Europe.
"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... Furthermore, we anticipate that our results for the year ended 31 March 2014 will be at least in line with current market expectations," said Ewan Lloyd-Baker, CEO of Hayward Tyler.
The firm said it will publish its consolidated results for the year to March 31, 2014 in the week beginning June 30.
Shares in the company were trading 8.82% higher at 74 pence per share Tuesday morning, one of the biggest gainers on the AIM All-Share market.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
HAYT.L