Hayward Tyler expects to meet revenue expectations despite loss

Engineer Hayward Tyler Group said it remains confident of meeting full year expectations, despite warning of losses in the first half.

In a trading update for the six months ended 30 September, the AIM-listed company said its performance would be strongly weighted to the second half after the transformational changes made in the last financial year.

Revenue for the 2017 financial year is now expected to be £80m, having risen 3.2% to £22.5m in the first half with an operating loss "in the region of" £5.5m.

However, the company is “positive” about its ability to meet full year market expectations based on its pipeline of projects, recently improved levels of orders, an increased order book and a reduction in lead times.

Order intake fell slightly by 4.5% to £25.4m, which resulted in an order book of £48m at the end of September, a 33% increase from last year.

Shares in the group were down 12.09% to 80p at 1117 BST.