12 Apr 2017 07:00
12 April 2017
Hayward Tyler Group PLC
("Hayward Tyler" or the "Company")
Contract Wins
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the specialist engineering Group, comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce the following update on new order wins, totalling £3.7 million.
Through late March, the Group secured a number of new major contract wins. In the aftermarket business these contracts, with a combined value in excess of £1.0 million, are for replacement motors for the Indian conventional power market. The contracts are to support continued operation of 600MW and 500MW coal fired power stations in the states of West Bengal and Jharkhand. All units will be delivered to customers in this fiscal year.
On the Original Equipment side the Group has also secured an order for eight electric submersible motors in an order worth over £1.5 million. These motors are for a seawater lift application in the upstream Oil and Gas market, with the end destination being an Israeli facility in the Mediterranean Sea. The motors will be delivered in this fiscal year.
Finally, the Group won two contracts, worth over £1.2 million, for three glandless boiler circulating pumps with Chinese boiler manufacturers. The pumps are for two 1,000MW coal fired power stations in China and one 660MW coal fired power station in India. All three units are due for delivery during the current fiscal year.
Chief Executive Ewan Lloyd-Baker commented:
"We are very pleased to announce this series of contract wins in addition to those already announced in March as evidence of our ability to convert our strong pipeline into order intake. Importantly, these awards are for a range of our products, servicing the varied end-markets across key geographies for the Group.
We are anticipating revenues for our financial year just completed in the range of £60-65m as previously highlighted in our announcement of 20 February 2017. We look forward to updating the market with further detail of our continued good progress on Thursday 20 April."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
1 Trading represents the underlying performance of Hayward Tyler and Peter Brotherhood together with head office costs
For further information please contact:
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited, NOMAD and Broker +44 (0)20 7220 0500
Matt Goode / Emily Watts, Corporate Finance
Tim Redfern / Tony Quirke, Corporate Broking
Akur Limited, Corporate Finance Adviser +44 (0) 20 7493 3631
David Shapton / Tom Frost / Siobhan Sergeant
Buchanan Communications, Financial PR +44(0)207 466 5000
Charles Ryland / Chris Judd / Jane Glover
About Hayward Tyler Group plc
· The Company consists of the Hayward Tyler and Peter Brotherhood engineering businesses, together providing 350 years of engineering experience, heritage and pedigree.
· The Hayward Tyler business is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments.
· The Peter Brotherhood business is a market leader in the design, manufacture and servicing of performance-critical steam turbines, compressors, gear boxes and combined heat and power systems.
· The Company services the Power, Oil & Gas, Nuclear, Process, Renewables and Marine markets, via its 500 strong workforce, from 7 sites strategically located across the globe.
Publication on Website
A copy of this announcement will be made available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at http://htg.global/investor-relations/takeover-code-requirements/ no later than 12.00 noon (London time) on 13 April 2017 (being the business day following the date of this announcement) in accordance with Rule 26.1(a) of the Code. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.