Hayward Tyler Group PLC Update on Order Intake (7386V)

TIDMHAYT

RNS Number : 7386V

Hayward Tyler Group PLC

01 February 2017

1 February 2017

Hayward Tyler Group plc

Update on Order Intake

Update on Banking Facilities and Loan Notes

Senior Executive Hire

Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the specialist engineering Group, comprising the operating companies of Hayward Tyler and Peter Brotherhood, today announces an update on order intake growth, an update on the Group's banking facilities and loan notes programme and a senior non board appointment.

Good Momentum on Order Intake

Hayward Tyler is pleased to announce that order intake has continued to grow. At the end of December 2016, the increase in order intake contributed to an increase in the order book to GBP54.6m, a 14% increase from GBP48.0m at the end of September 2016. As previously highlighted the additional orders have come from both the Hayward Tyler and Peter Brotherhood operating businesses across the power generation, oil and gas and nuclear sectors.

Update on Loan Notes Programme and Banking Facilities

On 14 November 2016 the Group announced that it had reached agreement with its main bank, Royal Bank of Scotland (the "Bank") to amend and restate the Company's multicurrency committed borrowing facilities agreement (the "Revised Agreement"). The amendments included a new repayment schedule including the repayment of GBP0.6m on 31 December 2016, GBP3.0m on 31 January 2017 and GBP0.3m on 31 March 2017. The Group also announced its intention to increase its secured loan note programme (the "Loan Note Programme"), initially by GBP3.0m, in order to maintain a more appropriate maturity profile on the Company's borrowings and repay GBP3.0m of short-term borrowings due under the Agreement by 31 January 2017.

On 21 December 2016 the Group announced that it had raised GBP2.1m (of the GBP3.0m required to be repaid to the Bank by 31 January 2017) following the closing of the 3(rd) issue of loan notes pursuant to its Loan Note Programme and its intention to conduct a further loan note issue in January 2017. The facility has subsequently been reduced by GBP0.6m in accordance with the Revised Agreement.

The Group is pleased to announce that it has received expressions of interest in a subsequent Loan Note issue from a number of sophisticated and high net worth investors amounting to over GBP0.4m. The expressions of interest relate to a 1 year short term note paying an interest rate coupon of 6.75% (the "New Loan Note").

The Group continues to have a supporting relationship with the Bank, which has now agreed to extend the repayment date of the GBP3.0m short term borrowings under the Group's Revolving Credit Facility due for repayment by 31 January 2017. Further updates regarding the completion of the New Loan Note issue and the repayment of the GBP3.0m short term borrowings will be made in due course.

Senior Appointment

The Group is also pleased to announce that it has made the senior appointment of Dr Colin Elcoate to the newly created non board position of Chief Commercial Officer ('CCO'). Colin, who will report directly to Ewan Lloyd Baker, CEO, will be responsible for global commercial activity across the Group, a position that is becoming more important with the focus on driving order intake. Colin joins Hayward Tyler from ClydeUnion Pumps and has previously held senior positions at Babcock and Rolls Royce. He is a Fellow of the Institute of Mechanical Engineers and a nuclear expert with over 25 experience. Hayward Tyler's corporate development will undoubtedly benefit from Colin's considerable experience.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

For further information:

Hayward Tyler Group plc [phone]

Ewan Lloyd-Baker, CEO

Nick Flanagan, CFO

FinnCap Limited-NOMAD and Broker [phone]

Matt Goode, Corporate Finance

Emily Watts, Corporate Finance

Tony Quirke, Corporate Broking

Lesmoir-Gordon, Boyle & Co. Ltd - loan note arrangers [phone]

Andrew Boyle

Angus Grierson

Buchanan Communications, Financial PR [phone]

Charles Ryland

Chris Judd

Jane Glover

This information is provided by RNS

The company news service from the London Stock Exchange

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February 01, 2017 05:30 ET (10:30 GMT)