Hayward Tyler Group wins $2m US nuclear related order

AIM-listed engineer Hayward Tyler Group has won a $2m a nuclear related order through its US business.

The company will deliver seven units from 2018-20 and retrofit existing reactor water clean-up motors with its seal-less technology for a 3,400 megawatt US nuclear facility.

Chief executive Ewan Lloyd-Baker said that the contract win demonstrates the company’s 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."

Separately, Hayward said that it is still in talks with the Royal Bank of Scotland for the repayment of £2.4m of short term banking facilities, which has been extended to 30 April from 31 March, while the annualised measurement of the financial covenants has also been put back to the end of April.

Lloyd-Baker said that 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".

Shares in Hayward Tyler Group were down 2.38% to 41p at 1151 GMT.