Hayward Tyler (AIM:HAYT) – confidence boosting trading update
There was a positive trading update today from the near 200 year old specialist engineering group. At current levels, with seemingly the worst behind it, this one looks interesting to us.
Adjusted profit before tax for the 15 month period is expected to be in line with previous expectations – earnings per share estimate for year ending 2014 is 5.10p, resulting in a 6x multiple at the current share price. T At 31st March 2013, order intake for the 15 month period was £49.5m with £15m of new orders having been secured since 31st December 2012. It’s worth noting that full year revenue for 2012 was £33m. Orders included its largest nuclear order received over the last decade. Net debt has also fallen by £1.1m since year end to £8.5m. The…