1st Jul 2014 10:43
LONDON (Alliance News) - Specialist engineering group Hayward Tyler Group PLC Tuesday said it will pay an inaugural final dividend after reporting an increase in profit for the recent full year.
The company, which focuses on the energy sector, posted pretax profit of GBP3.8 million for the 12 months to March 31, compared with GBP1.5 million in the 15 months to March 31, 2013, as revenue rose to GBP43.3 million from GBP40.3 million.
Gross profit margin increased to 38% from 35%.
On the back of its performance, the company proposed a maiden final dividend of 0.75 pence. It paid an interim dividend of 0.5 pence in February.
Hayward Tyler said its two reportable segments, Original Equipment and Aftermarket both performed well in what it called a "cracker" of a financial year.
During the period, the group increased the proportion of revenues which derives from Original Equipment and delivered an overall increase in margins. Hayward said this is a strategically important target as the group looks to seed its markets with new units which will provide the source of future Aftermarket business
Hayward said revenue grew 77% in Original Equipment and 14% in Aftermarket on a like-for-like basis. The company is looking to split revenue coming Original Equipment and Aftermarket to 50:50 from its current 45:55 split.
The company said against the backdrop of increased revenues, operational and margin improvements, it was encouraged to see continued growth in order intake, which ended the year 16% up on a like-for-like basis.
Financially, Hayward said net debt fell to GBP8.3 million from GBP8.5 million in the 15 months to March, 31, 2013.
With its bicentenary arriving in 2015, the company said it continues to look to the future with increasing confidence. Hayward Tyler is one of the oldest engineering companies in the UK, having its origins in 1778 and taking its present form in 1815.
Hayward Tyler shares were quoted up 1.5% at 83.00 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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