Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHAYT.L Regulatory News (HAYT)

  • There is currently no data for HAYT

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update on Order Intake

1 Feb 2017 10:30

RNS Number : 7386V
Hayward Tyler Group PLC
01 February 2017
 

1 February 2017

Hayward Tyler Group plc

 

Update on Order Intake

Update on Banking Facilities and Loan Notes

Senior Executive Hire

 

Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the specialist engineering Group, comprising the operating companies of Hayward Tyler and Peter Brotherhood, today announces an update on order intake growth, an update on the Group's banking facilities and loan notes programme and a senior non board appointment.

Good Momentum on Order Intake

Hayward Tyler is pleased to announce that order intake has continued to grow. At the end of December 2016, the increase in order intake contributed to an increase in the order book to £54.6m, a 14% increase from £48.0m at the end of September 2016. As previously highlighted the additional orders have come from both the Hayward Tyler and Peter Brotherhood operating businesses across the power generation, oil and gas and nuclear sectors.

Update on Loan Notes Programme and Banking Facilities

On 14 November 2016 the Group announced that it had reached agreement with its main bank, Royal Bank of Scotland (the "Bank") to amend and restate the Company's multicurrency committed borrowing facilities agreement (the "Revised Agreement"). The amendments included a new repayment schedule including the repayment of £0.6m on 31 December 2016, £3.0m on 31 January 2017 and £0.3m on 31 March 2017. The Group also announced its intention to increase its secured loan note programme (the "Loan Note Programme"), initially by £3.0m, in order to maintain a more appropriate maturity profile on the Company's borrowings and repay £3.0m of short-term borrowings due under the Agreement by 31 January 2017.

On 21 December 2016 the Group announced that it had raised £2.1m (of the £3.0m required to be repaid to the Bank by 31 January 2017) following the closing of the 3rd issue of loan notes pursuant to its Loan Note Programme and its intention to conduct a further loan note issue in January 2017. The facility has subsequently been reduced by £0.6m in accordance with the Revised Agreement.

The Group is pleased to announce that it has received expressions of interest in a subsequent Loan Note issue from a number of sophisticated and high net worth investors amounting to over £0.4m. The expressions of interest relate to a 1 year short term note paying an interest rate coupon of 6.75% (the "New Loan Note").

The Group continues to have a supporting relationship with the Bank, which has now agreed to extend the repayment date of the £3.0m short term borrowings under the Group's Revolving Credit Facility due for repayment by 31 January 2017. Further updates regarding the completion of the New Loan Note issue and the repayment of the £3.0m short term borrowings will be made in due course.

Senior Appointment

The Group is also pleased to announce that it has made the senior appointment of Dr Colin Elcoate to the newly created non board position of Chief Commercial Officer ('CCO'). Colin, who will report directly to Ewan Lloyd Baker, CEO, will be responsible for global commercial activity across the Group, a position that is becoming more important with the focus on driving order intake. Colin joins Hayward Tyler from ClydeUnion Pumps and has previously held senior positions at Babcock and Rolls Royce. He is a Fellow of the Institute of Mechanical Engineers and a nuclear expert with over 25 experience. Hayward Tyler's corporate development will undoubtedly benefit from Colin's considerable experience.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

For further information:

 

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, Corporate Finance

Emily Watts, Corporate Finance

Tony Quirke, Corporate Broking

 

Lesmoir-Gordon, Boyle & Co. Ltd - loan note arrangers +44 (0) 20 7518 9892

Andrew Boyle

Angus Grierson

 

Buchanan Communications, Financial PR +44(0)207 466 5000

Charles Ryland

Chris Judd

Jane Glover

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUAURRBVAURAR
Date   Source Headline
26th May 20173:15 pmRNSExtension to deadline under Rule2.6(c) of the Code
18th May 20177:00 amRNSNew Order Wins and R&D Update
28th Apr 201711:45 amRNSUpdate on banking facilities
28th Apr 20177:00 amRNSExtension to deadline under Rule2.6(c) of the Code
25th Apr 20179:54 amRNSForm 8.3 - Hayward Tyler Group Plc
21st Apr 20175:39 pmRNSForm 8.3 - Hayward Tyler Group PLC
20th Apr 20177:00 amRNSTrading Update and Notice of Results
13th Apr 20175:12 pmRNSForm 8.3 - Hayward Tyler Group Plc
12th Apr 201712:41 pmRNSForm 8.3 - Hayward Tyler group PLC
12th Apr 20177:00 amRNSContract Wins
10th Apr 201712:20 pmRNSForm 8.3 - Hayward Tyler Group
10th Apr 201710:40 amPRNForm 8.3 - Hayward Tyler Group plc
7th Apr 20171:18 pmRNSForm 8.3 - Hayward Tyler Group PLC
6th Apr 20173:08 pmRNSForm 8.3 - Hayward Tyler
5th Apr 201710:39 amPRNForm 8.3 - Hayward Tyler Group Plc
4th Apr 20175:05 pmRNSForm 8 (OPD) Hayward Tyler Group plc
4th Apr 201712:35 pmRNSForm 8.3 - Hayward Tyler Group PLC
3rd Apr 20173:33 pmRNSForm 8.3 - Hayward Tyler Group Plc
3rd Apr 20173:14 pmRNSForm 8.3 - Hayward Tyler Group Plc
3rd Apr 20172:48 pmRNSForm 8.3 - Hayward Tyler Group plc
3rd Apr 20172:36 pmRNSForm 8.5 (EPT/RI) Hayward Tyler
3rd Apr 201712:30 pmPRNForm 8.3 - Hayward Tyler Group Plc
3rd Apr 201712:04 pmRNSForm 8 (DD) - Hayward Tyler Group PLC
31st Mar 201711:38 amRNSResponse to share price movement - Replacement
31st Mar 201710:54 amRNSResponse to share price movement
16th Mar 20177:00 amRNSBank facility update and new order win
14th Mar 20177:00 amRNSNew order wins
28th Feb 20177:00 amRNSUpdate on banking support
20th Feb 20177:00 amRNSUpdate on trading and continued banking support
13th Feb 20171:19 pmRNSSuccessful completion of loan note raise
1st Feb 201710:30 amRNSUpdate on Order Intake
23rd Dec 201610:28 amRNSOrder Delivery
21st Dec 20167:00 amRNSUpdate on New Banking Facilities
24th Nov 20167:00 amRNSContract Wins
16th Nov 201611:30 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
16th Nov 201611:25 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
16th Nov 201611:21 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
15th Nov 20167:00 amRNSUnaudited Interim Results
14th Nov 20162:49 pmRNSContract Wins & Update on New Banking Facilities
2nd Nov 20167:00 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1st Nov 20161:30 pmRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
28th Oct 201610:00 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
20th Oct 20167:00 amRNSNotice of interim results & trading update
25th Aug 20167:00 amRNSRoyal Opening of the Centre of Excellence
4th Aug 20162:10 pmRNSResult of AGM
12th Jul 20167:00 amRNSPublication of ARA and Posting of Notice of AGM
8th Jul 20161:48 pmRNSDirector/PDMR Shareholding
7th Jul 20168:06 amRNSDirector/PDMR Shareholding
6th Jul 20167:00 amRNSSite Visit and Notice of AGM
5th Jul 20167:00 amRNSResults for the year ended 31 March 2016

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.