9th Oct 2014 08:48
LONDON (Alliance News) - Engineering company Hayward Tyler Group PLC Thursday said its confident of achieving current market expectations for the full year, and at the same time it announced a series of further contract wins in the nuclear and conventional energy markets, totalling over GBP10 million.
The company said new orders secured in September include a contract worth over GBP7 million for a range of nuclear spares for Korea Hydro and Nuclear Power, a UK nuclear contract for Sellafield for canned motor pumps, aftermarket orders in India and Argentina, and new unit wins for new-build conventional power stations in China.
It said total new contracts signed in the first half hit GBP27.6 million, 7% ahead of this time last year, and ahead of internal targets for the first half.
The company said it expects the bulk of the September orders to be shipped during the next 12 months, with roughly 50% falling within the current financial year.
"Given the visibility we now have, and the ongoing positive outlook for new orders, the board is confident in the group's ability to at least achieve current market expectations for the full year," said Chief Executive Ewan Lloyd-Baker in a statement.
Hayward Tyler said it will continue with its on-going investment programme at its Luton centre to make sure it has the scale-able production capabilities to significantly increase output over the mid to long-term.
The company said it will release its interim results for the six months to end of September on November 11.
Hayward Tyler shares were trading 5.4% higher Thursday morning at 77.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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