8th Nov 2011 07:00
For immediate release: 0700hrs, 8 November 2011
Specialist Energy Group plc
("Specialist Energy Group", the "Group" or the "Company")
Hayward Tyler - New order update
Highlights
·; Order intake up 19% year on year to £25.4 million;
·; Manufacturing order intake driven by Oil & Gas markets;
·; Aftermarket division continues to experience growth in nuclear and energy sectors.
Specialist Energy Group plc (AIM: SEG), the specialist engineering group, is pleased to provide an update of business development activity within its main operating subsidiary, Hayward Tyler Group Limited, for the third quarter of the current financial year which saw order intake rise to £25.4 million (up 19% year on year).
Manufacturing Update
New orders won by the manufacturing division in the quarter include five offshore units for use in oil and gas exploration. The contracts, expected to be shipped next year, are valued at over £2 million.
Further, the Company is pleased to report that its industry leading deep submersible motor, designed and manufactured for the Tyrihans oil field, has now been tested and is ready for deployment in the North Sea once the injection well drilling process has been completed.
Aftermarket Update
New business in the aftermarket division has been driven by the nuclear and energy markets. In the nuclear related field, the division secured a major spares contract with Korea Hydro & Nuclear Power, as well as winning and shipping nuclear service related contracts to TVO Finland and Hatch in the USA. The business also successfully attended the recent nuclear trade show in Beijing where it was exhibiting its range of proprietary nuclear stamped products.
In total, over £7 million of aftermarket related contracts have been won since the half year.
Ewan Lloyd-Baker, Chief Executive of Specialist Energy Group plc, commented:
"We are delighted that Hayward Tyler has continued its momentum in the core areas of its business activity. Indeed, despite the difficult market conditions, we are quietly confident that order intake levels for the year will be ahead of 2010."
Enquiries:
Specialist Energy Group plc Ewan Lloyd-Baker, Chief Executive Officer Nicholas Flanagan, Finance Director |
Tel: 020 7747 8380 |
Akur Partners LLP - Corporate Finance adviser Andrew Dawber David Shapton |
Tel: 020 7499 3101 |
FinnCap Limited - NOMAD & Broker Marc Young - Corporate Finance Tom Jenkins - Corporate Broking |
Tel: 020 7600 1658
|
GTH Media Relations Toby Hall Suzanne Johnson Walsh |
Tel: 020 3103 3900
|
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