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Shares in Hayward Tyler (LON:HAYT) took a biffing Tuesday Morning after the specialist engineer’s results, and if you are wondering why, join the club.
The numbers were the best the 200-year-old company has produced since listing in 2010, despite management having to run the show while at the same time project managing a massive investment in the pumps and motors specialist’s Luton facility.
Prime minister Narendra Modi’s determination to resolve India’s electricity problems represents good news for specialist engineering group Hayward Tyler, who this week announced being awarded a contract at NTPC’s super thermal plant in Korba, Chhattisgarh State.
Power Engineering International spoke to CEO, Ewan Lloyd-Baker, about the company’s 30-year association with the Indian power market.
Britain may not be the workshop of the world any more, but it has a proud engineering history in which Hayward Tyler (LON:HAYT) has played its part.
Established 200 years ago, the supplier of electric motors and pumps has undergone a rebirth this decade that has not gone unnoticed, judging by the recently announced deal with FMC Technologies, the global market leader in sub-sea systems.
Hayward Tyler (HAYT) has signed a production alliance agreement with FMC Technologies, a sub-sea systems specialist, for the supply of magnet motors for use in FMC Technologies’ pump systems. FMC has also committed an initial $2m towards the continuing development of Hayward Tyler’s Luton plant.
The board of Hayward Tyler (AIM:HAYT), the specialist engineering group, is delighted to announce the Group has:
1. entered into a production alliance agreement with FMC Technologies, the global market leader in subsea systems;
2. signed the latest topside letter of intent agreement (“LOI”), building on Hayward Tyler’s long-standing relationship with Eureka.
The announcements coincide with Group’s attendance at the Offshore Technology Conference this week in Houston, Texas.
Subsea Production Alliance Agreement – FMC Technologies
The Directors of Hayward Tyler are delighted to announce the signing of a production alliance agreement with FMC Technologies, the global market leader in subsea systems. Under the terms of the agreement, Hayward Tyler will manufacture permanent magnet motors for use in FMC Technologies’ 3.2MW subsea pump systems. The agreement is accompanied by an initial US$2 million commitment by FMC Technologies towards the on-going development of Hayward Tyler’s Luton plant.
Ewan Lloyd-Baker, CEO of Hayward Tyler, commented:
“The offshore oil & gas market is of long-term strategic importance to Hayward Tyler and underpins our investment into our Centre of Excellence in Luton. The production alliance agreement with FMC Technologies is of cornerstone importance in relation to our subsea activity.”
The on-going expansion of Hayward Tyler’s Luton manufacturing facility includes a dedicated test facility for its subsea motors.
Jim Pribble, President and General Manager of FMC Technologies’ Direct Drive Systems business added:
“Combined, we can now offer the subsea oil and gas segment the absolute latest technology – and then deliver it with best-in-class manufacturing capability. This critical step ensures our customers receive the most reliable subsea boosting solutions available while enhancing the economics for subsea reservoir development.”
Topside – latest orders
The Company is also pleased to report the signing of a LOI for the latest order for four submersible motors, valued at approximately US$1.25 million, for use in the Baram field in the Malaysian gulf as a result of Hayward Tyler’s on-going agreement with Eureka and existing relationship with the end user, Petronas. The Company has now installed over 250 submersible motors in offshore locations globally.
Ewan Lloyd-Baker said:
“Being aligned with market leaders in offshore oil & gas exploration is of fundamental importance in terms of expanding our presence in the sector. We look forward to developing further relationships in the offshore market where our products are able to help provide performance-critical solutions.”
About Hayward Tyler Group plc
Hayward Tyler Group plc (LSE: HAYT) is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments. Core markets for the group include: oil & gas exploration – both topside and subsea; power generation – both conventional and nuclear; and the chemical/industrial sector. With facilities in the UK, US, China and India, the Group has a proven reputation for providing innovative, reliable technological solutions built on a proud heritage stretching back over 200 years. www.haywardtyler.com
About FMC Technologies
FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World’s Most Innovative Companies in 2013, the company has more than 20,000 employees and operates 24 production facilities in 14 countries. Visit www.fmctechnologies.com or follow us on Twitter @FMC_Tech for more information.
Hayward Tyler Group plc
Ewan Lloyd-Baker, Chief Executive Officer
Nicholas Flanagan, Chief Financial Officer
Tel: +44 (0)1582 731144
Akur Limited – Corporate Finance adviser
Tel: +44 (0)20 7493 6548
finnCap Limited – NOMAD & Broker
Matt Goode – Corporate Finance
Grant Bergman – Corporate Finance
Tony Quirke – Corporate Broking
Tel: +44 (0)20 7220 0500
GTH Communications Limited
Tel: +44 (0) 20 7822 7493 / +44 (0)7713 341072
This information is provided by RNS
The company news service from the London Stock Exchange
Hayward Tyler (HAYT) celebrated its 200 – year anniversary by posting its best performance since listing in 2010. But despite original equipment and aftermarket revenues both growing 13 per cent due to strong power and nuclear markets shares in the pump and motor manufacturer tumbled 5 per cent.
Further to the announcement of 30 March, the board is pleased to report an improvement in the Group’s underlying gross and operating margins in the second half of the year. Management expects revenues for the full year to have increased in line with expectations, rising over 10% on a year-on-year basis, underpinned by order intake in the 12 months to 31 March 2015 of £41.7 million.
The directors are also pleased to report net debt has fallen to £7.9 million, against a market expectation of £8.7 million, in spite of the Group’s on-going investment into its Luton-based Centre of Excellence.
Ewan Lloyd-Baker, CEO of Hayward Tyler, commented:
“The Group’s on-going focus on margin improvement and expansion of our production capabilities, coupled with the strengthening of our balance sheet, puts Hayward Tyler in an increasingly well-placed position to capture significant opportunities across our chosen markets and achieve the Board’s growth ambitions. The Board remains confident in the short to medium term prospects for the business and looks forward to updating shareholders on progress over the course of the new financial year.”
We design to the most exacting standards, including ASME, PED, TUV, IBR and Norsok. Read more
We hold the following certifications: ISO 9001, ISO 14001, ASME N, ASME U, HSB PED H1 and Industrial Cadets Silver Accreditation for Work Exp. Programmes
Established in 1815, Hayward Tyler is a specialist engineering group who design, manufacture and service performance-critical electric motors and pumps for high pressure, high temperature applications in the harshest environments across the global energy industry.
Part of the Hayward Tyler Group.