Hayward Tyler Group PLC Bank facility update and new order win (6133Z)
March 16 2017 - 2:00AM
UK Regulatory
TIDMHAYT
RNS Number : 6133Z
Hayward Tyler Group PLC
16 March 2017
16 March 2017
Hayward Tyler Group PLC
Update on Banking Support and New Order Win
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the
specialist engineering Group, comprising the operating companies of
Hayward Tyler and Peter Brotherhood, is pleased to announce the
following update on banking support and on another new order
win.
Further to the announcement made on 28 February 2017, the Group
continues to have constructive discussions with its bank, Royal
Bank of Scotland ("RBS"), regarding the repayment of GBP2.4 million
of short term banking facilities. The repayment date has been
extended from 31 March 2017 to 30 April 2017 and the annualised
measurement of the financial covenants has also been put back from
31 March 2017 to 30 April 2017.
Additionally, the Group has won a nuclear related order through
its US business, this time for the domestic US market. The contract
is valued at $2.0m and the seven units are due for delivery during
fiscal years 2018/19/20. The agreement will see Hayward Tyler
retrofit existing reactor water clean-up motors with its state of
the art seal-less technology for a 3,400 MW US nuclear
facility.
Chief Executive Ewan Lloyd-Baker commented:
"We are very pleased to announce another contract win within the
Group, a win that demonstrates our determination to turn the
extensive order pipeline into new order intake. We have a strong
reputation within the US market and it is promising to see that our
capabilities and products continue to meet demand, providing
operating value to our customers.
Our bank, RBS, continues to be supportive through our ongoing
journey and we are working together to find the optimal funding
structure for the Group to support its long term development."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited, NOMAD and Broker +44 (0)20 7220 0500
Matt Goode / Emily Watts, Corporate Finance
Tim Redfern / Tony Quirke, Corporate Broking
Buchanan Communications, Financial PR +44(0)207 466 5000
Charles Ryland
Chris Judd
Jane Glover
This information is provided by RNS
The company news service from the London Stock Exchange
END
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