8th Mar 2010 07:00
For immediate release: Monday 8 March 2010, 7AM
Specialist Energy Group plc
("Specialist Energy Group", the "Group" or the "Company")
Trading Update: Hayward Tyler nuclear related activity
Further to the trading update of 17 February 2010, Specialist Energy Group Plc (AIM: SEGR.L), the niche engineering and manufacturing group, is today pleased to provide an update for the nuclear related activity of its main operating subsidiary, Hayward Tyler Group Ltd ("Hayward Tyler"), a market leader in the design, manufacture and service of critical application pumps and motors to the power generation and oil and gas markets.
As indicated in the trading update, the Company announced that in the late part of 2009 and first part of 2010 it had won a number of major contract wins in the US nuclear sector. These contracts relate to the installation of four high pressure Canned Motor Pumps (CMPs) for use in the forthcoming nuclear reactors to be built in North America. Hayward Tyler, through its US subsidiary, Hayward Tyler Inc, already has installed equipment at and services, products in almost 70% of North America's installed nuclear power stations.
In addition, the Company is pleased to confirm that Hayward Tyler Inc has also secured a key order for the same CMP product with the same partners for use in a test facility for the development of nuclear power plants in China.
In Europe, Hayward Tyler has most recently provided upgrade design consultancy services to a nuclear power station in Finland and shipped 7 remote maintenance pumps to Sellafield in the UK for fluid transfer applications.
The combined value of the new nuclear power related orders in the US and China is in excess of USD $1.5m. In 2009 revenues from nuclear related activities accounted for over 15% of the Hayward Tyler's group total.
Ewan Lloyd-Baker, CEO of Specialist Energy Group, commented:
"Hayward Tyler has a 50 year heritage in the nuclear sector. This experience - as underlined by our 'N' Stamp - is a key competitive advantage as other regions around the world - particularly in the Far East and continental Europe - move forward with their plans to build more nuclear powered plants given the cleaner energy it provides when compared to fossil fuel based power plants. We see this activity as being a key driver of growth for the business in the coming years."
There are currently 436 nuclear power plants in operation worldwide contributing 15% of the world's energy. Over 40 new reactors are under construction around the world with a further 106 in planning and 266 being proposed.
For further information:
Specialist Energy Group plc Ewan Lloyd-Baker, Chief Executive Officer Nick Flanagan, Finance Director |
Tel: 020 7747 8380 Tel: 020 7747 8384
|
Fairfax I.S. PLC Nomad and Broker Ewan Leggat / Laura Littley |
Tel: 020 7598 4368
|
GTH Media Relations Toby Hall Christian Pickel |
Tel: 020 7153 8039 Tel: 020 7153 8036 |
Related Shares:
HAYT.L