News blog

Hayward Tyler Group

• BY: Andrew Hore |
• POSTED: 24/07/2013 |

Engineer Hayward Tyler Group says that new orders were 42% higher in the first quarter of the current financial year.

The total orders for the period were £13.9m and this includes the first order for motor pumps for the Chinese chemical sector.

Hayward Tyler focuses on three main sectors - power generation, offshore oil and gas and nuclear.  The core product is boiler circuit pumps used in power generation, where reliability is most important. They are large pieces of equipment and can weigh up to 12 tonnes. Customers include RWE, Rolls-Royce, ExxonMobil, Alstom, EDF Energy and TXU Energy.

Hayward Tyler also supplies seawater lifts and firewater pumps for the offshore oil and gas sector. Investment in the North Sea is expected to increase now that the tax treatment of abandoned rigs has been clarified.

Indian engineer McNally Bharat owns 42% of Hayward Tyler having increased its stake in last year’s £5m fundraising at 50p a share - double the then share price. The link with McNally Bharat is starting to yield additional work for Hayward Tyler.

At 44.88p a share, Hayward Tyler is valued at £20.4m.

House broker finnCap forecasts an improvement in profit from £2.4m to £3.2m in the year to March 2014. The shares are trading on less than nine times prospective 2013-14 earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf