Hayward Tyler (AIM:HAYT) beware debt fuelled expansion and enthusiasm for awards…and royal visits!
Poor old Hayward Tyler Group appears to be struggling. Time for a good old-fashioned equity raise and please keep quiet about any future awards and royal visits. At current levels overseas predators might of course be tempted!
With the oil price reasonably stable, currency supportive (approx 80% of revenue overseas), turnover meaningful (£62m last financial year) and a huge installed base of products there should be plenty to like about specialist engineering group Hayward Tyler Group in the curent environment. We appreciate it’s always going to be a business where large orders can influence single financial years but the regular trickle of after market business, which represents more than 50% of overall revenue, helps to even things out. Unfortunately, a slowdown in orders in the first half of the financial year, combined with expensive debt taken on…