Hayward Tyler Group plc (AIM: HAYT) results in line and plenty to go for
The specialist engineering group, whose shares have had a strong run over the past few weeks following the acquisition of Peter Brotherhood, announced interim results broadly in line with expectations.
Hayward Tyler is a market leader in the design, manufacture and service of critical application motors and pumps for the power generation and oil and gas markets. Revenue for the first half of 2016 was marginally lower at £21.8m (1H2015: £24.0m), although a constant exchange rate basis would have been actually been marginally higher by £0.9m, such is the significance of foreign exchange. Trading profit before tax, which represents the underlying performance of Hayward Tyler together with head office costs was flat at £1.8m despite investment of £0.5m (1H2015: £0.2m) in the new Luton Centre of Excellence. On a constant…