Hayward Tyler sees new orders increase 8%

Hayward Tyler’s new orders for the year were £46.0 million at the end of March 2014, 8% up on a year earlier.

Following on from the recent Forsmark win, Hayward Tyler has won a further US$0.6 million civil nuclear contract in South Korea for Korea Hydro & Nuclear Power, which will be fulfilled within the current financial year.

Hayward Tyler continues to see increasing activity within the conventional power market, particularly in Greater China. The company has recently won a US$5.4 million order for eight boiler circulating pumps for two supercritical projects for delivery over the next 15 months. This follows on from the £2.0 million of project wins in China and Eastern Europe announced in March 2014.

“We are encouraged particularly by the improving economic climate and the broad increase of capital investment into both the conventional and nuclear power generation markets and the subsea oil and gas exploration markets globally," said Ewan Lloyd-Baker, CEO of Hayward Tyler.

"We are confident that the combination of our marketing initiatives and the investment into our R&D and manufacturing facilities that the Regional Growth Fund grant will deliver should enable us to continue to meet or exceed our gross and operating profit margin targets whilst maintaining our aspirations for double digit growth. Furthermore, we anticipate that our results for the year ended 31 March 2014 will be at least in line with current market expectations,” added  Lloyd-Baker.

Hayward Tyler’s audited consolidated results for the year ended 31 March 2014 will be published in the week commencing 30 June 2014.