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Seem to like it anyway
Morning No shocks. Order book looks good possibly gearing up for offer
Hayward Tyler Group plc, the specialist engineering Group comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to provide the following update on trading for the year ended 31 March 2017. The Group expects to report revenue for the year of c.£63m which is in line with revised expectations. As expected, trading in FY2017 was strongly weighted to the second half of the year and the Group's previously communicated profit guidance remains valid. As announced on 20 February 2017, the Group expects to report a return to Trading EBITDA1 profitability during 2H2017 with a Trading EBITDA1 of £4m-£5m. The Group therefore expects to report that the Group was breakeven at the Trading EBITDA1 level for the full year in line with revised expectations. Further to the recent updates on new order wins, the Group is delighted to report that order intake2 increased significantly in 2H2017 when compared to 1H2017 with order intake2 of £42.9m in 2H2017, an increase of 68.9% on order intake2 of £25.4m in 1H2017. On an annual basis order intake2 was up 11.2% to £68.3m (FY2016: £61.4m). The order book3 at 31 March 2017 was also encouraging, with an annual increase of 38.0% to £49.8m (at 31 March 2016: £36.1m). By comparison the order book3 at the end of 1H2017 was £48.0m. Net debt at £22.1m (at 30 September 2016: £18.3m, at 31 March 2016: £8.6m) mainly reflects increased working capital as a result of a significant increase in activity during the final quarter and capital expenditure. Net debt at 31 March 2017 was in line with revised expectations and the Group continues to have constructive discussions with its bank, Royal Bank of Scotland. A further announcement will be made in due course regarding the repayment of the £2.4m of short term banking facilities and annualised measurement of the financial covenants. Chief Executive Ewan Lloyd-Baker commented: "The Board and I feel very encouraged by a strong return to Trading EBITDA1 profitability in 2H2017. The robust order book entering the new financial year and the continued strong pipeline, combined with our recent investments in our front-end win order processes and renewed focus on taking cost out of the business, will stand us in good stead to get back on track and deliver significant and cash generative revenue growth to our shareholders." Notice of Results and Analyst Briefing The Company will announce its results for the year ended 31 March 2017 on Wednesday 28 June 2017. An analyst briefing will be hosted by the management team at 10.00am, Wednesday 28 June 2017, at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN. Analysts who wish to attend should contact Buchanan by email at: haywardtyler@buchanan.uk.com to register. Profit Forecast The following statement was made by the Company in the announcement made on 20 February 2017 and constitutes a profit forecast for t
looks positive, could get interesting.
Thanks Ed and Graham. Let's see what the morning brings . .
The share price normally sits just below the offer price as market makers will want a % if the sale goes through in my experience.
The share price would only exceed the offer price if 'the market' thinks a counter bid is likely at a higher price. It's rare but can happen in which case you can sell or hang on and see if there is a better bid.
Ed, I've been giving some thought to your post. Now I may be in danger of becoming a complete pain in the a**e but I have another question. As the shares continue to trade after an offer is made, what happens if the share price exceeds the offer price? Is that a dumb question?
Thanks Ed - appreciate your input.
The shares just carry on trading as normal because any offer will need to be voted on. It usually takes a few weeks to months to all go through but you can sell in the market at any time. However if you need your money its probably not best to have it in a small-cap share full stop (anything can happen).
Thanks for the response Graham. Excuse my ignorance here as I have not previously held shares in a company going through a potential buyout situation. My question is if AVG make an offer which is accepted would HAYT shares stop trading immediately? Also, how long will it take to receive the money in exchange for the shares I hold? I ask this as I don't particularly want my money tied up here for a long period of time. Any advice would be much appreciated. Cheers.
Expecting a good order book though.
The latest HAYT said was: "We look forward to updating the market with further detail of our continued good progress on Thursday 20 April." So I would suggest something more positive than not is on the cards. It would be pretty stupid of them to mention 'good progress' and then land us with a shocker.
Knowing how leaky this one is and as we've not had an influx of buying or selling looks like it's all in th public domain so not expecting fireworks either way tomorrow
Surprised to see such minuscule sp movement considering today's buys, tomorrow's trading update, a potential buy out and banking info due! Also wondering if hayt's current financial position and likely loss will have already been completely factored in to current sp or is their a shock to come in the morning? Any thoughts?
An offer if it comes will need to put 50p in the shade.
Ha, well spotted; buy the missus a few coffees more like. Hope tomorrow has something positive.
Not sure your 3.5k shares will make a lot of difference when you offload. Hope you make your beer money again.
Not as good as my 45.6p last week :) graham-wales, I really think you should buy a load more of these as they are such a bargain like you say, so we can get back to the lower 50's and I can offload mine again.
Huh someone got a bargain.
Should give us an idea of record work bank with a bit of luck.
Offer announcement perhaps or just results update.
https://www.thebig5hub.com/news/2017/april/new-nuclear-plant-to-power-25-of-uae-by-2020/