Hayward Tyler warns on full-year revenue, sees break-even EBITDA

Shares in Hayward Tyler were down more than 5% after it warned of lower full-year revenue and break-even trading EBITDA in a set of results that it said would be second-half weighted.

It said directors' revenue expectations for H2 2017 relied on a number of additional contracts being secured across both Hayward Tyler and Peter Brotherhood in Q4 2017.

"However, to date there has been a delay in securing a number of these contracts to later in the quarter or FY 2018, amounting to over £30m in aggregate," the specialist engineering group said.

Directors now anticipated reporting lower full-year revenue of £60m-£65m, generating breakeven rrading EBITDA. It foresaw trading EBITDA of £4m-£5m in H2 2017.

Looking ahead to the next financial year, Hayward Tyler said its pipeline of new business opportunities was very strong, presently totalling more than £500m through to FY2019 with short-term prospects of more than £40m.

"Subject to securing further orders that are currently being tendered, the Board anticipates entering FY 2018 with a record high order book," the company said in a statement.

At 10:34 GMT, shares in AIM-quoted Hayward Taylor were down 5.16% to 46p each.