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Hayward Tyler segroupplc.com/
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Hayward Tyler Group plc (HTG plc) is a niche engineering and manufacturing group. Through its main operating subsidiary Hayward Tyler Group Limited, the worldwide market leaders in boiler circulating pumps, its focus is on the energy sector.

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Specialist Energy's nuclear business starts to return post Fukushima

Specialist Energy (LON:SEGR) said today the weakness in the demand from China and India that hit its first half has started to ease, while nuclear work is also better.

The industrial boiler pump maker post annual trading profits of £1.7 million, down from £2.9 million as a recovery by its aftermarket arm in the second half could not offset a tough year for manufacturing. 

Revenues in 2011 were down 16.7 per cent at £32.1 million (2010: £38.5 million).

Specialist Energy also took write-downs on its property in Luton, where its manufacturing unit is being restructured, receivables and a financial derivative totaling £4.8 million, which meant an overall loss for the year of £3.1 million.

More encouraging was the increase in the 2011 order intake of 5 per cent to £31.6 million (2010: £30.1 million) in spite of the temporary softening in new unit orders from China and India. 

Demand for oil and gas new units and aftermarket services are strengthening including a recovery in nuclear market post-Fukushima, Specialist added.

Shares in the engineer have rallied recently following a proposed £5 million fund raising with MBE - the wholly-owned investment subsidiary of one of India's leading engineering and construction groups.

MBE will acquire shares in the group at 50 pence, a substantial premium to the current market price while the cash will also enable Specialist Energy to set up new borrowing and banking facilities.

John May, Specialist’s chairman, added the proposed refinancing through MBE and closer working relationship with its McNally Bharat arm would enable it to deliver a more effective manufacturing operation and continue growing the aftermarket division.

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