Hayward Tyler in line with revised expectations

Specialist engineering group Hayward Tyler said it expected to report revenue of around £63m for the year ended 31 March which was in line with revised forecasts.

It said that as expected, trading was strongly weighted to the second half of the year and the group's previously communicated profit guidance remained valid.

The group said that as announced on 20 February, it expected to report a return to trading EBITDA profitability during 2H2017 with a trading EBITDA of £4m-£5m.

The group said it therefore expected to report that it was breakeven at the trading EBITDA level for the full year, in line with revised forecasts.

It added: "Further to the recent updates on new order wins, the group is delighted to report that order intake increased significantly in 2H2017 when compared to 1H2017 with order intake of £42.9m in 2H2017, an increase of 68.9% on order intake2 of £25.4m in 1H2017."

Chief executive Ewan Lloyd-Baker said: "The Board and I feel very encouraged by a strong return to Trading EBITDA profitability in 2H2017.

"The robust order book entering the new financial year and the continued strong pipeline, combined with our recent investments in our front-end win order processes and renewed focus on taking cost out of the business, will stand us in good stead to get back on track and deliver significant and cash generative revenue growth to our shareholders."