Specialist Energy Group says that this year’s orders should exceed the level achieved in 2011.
Order intake was £31.2m by the end of October 2012.
Luton-based Hayward Tyler is the core business of Specialist Energy. It supplies fluid filled electric motors and pumps for the power generation and oil and gas markets.
The company is on course to achieve £1m of annual cost savings and margins should improve in the second half. The number of suppliers has been reduced thanks to a link-up with MBE Cologne Engineering,a subsidiary of Specialist Energy’s major shareholder MBE Mineral Technologies Pte Ltd. MBE Mineral subscribed for £5m of shares at 50p each in April. That took its stake to 41.7%.
Net debt was £5.6m at the end of June 2012.
At 17.5p a share, Specialist Energy is valued at £7.96m. The shares are trading on less than seven times prospective 2012 earnings.
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