By Steve Moore | Tuesday 14 March 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Down from above 75p at the commencement of the year, shares in engineering group Hayward Tyler (HAYT) are currently today rebounding more than 10%, above 40p, on the back of a “New order wins” announcement.
This notes that “the group has made further progress and won a number of new orders totalling $8.3m (circa £6.8m)” from “a key and longstanding customer” in Korea Hydro Nuclear Power. To be delivered during fiscal year 2018, the company emphasises this as further evidence of it “converting its strong pipeline into tangible order intake”.
This though compares to a 20th February announcement including “to date there has been a delay in securing a number of… contracts to later in the quarter or FY2018, amounting to over £30 million in aggregate” (my bold) and a 28th February update that a £2.4 million repayment due to Royal Bank of Scotland, “has now been extended from 28 February 2017 to 31 March 2017 to ensure a suitable long term financing structure is put in place to support the longer term prospects of the business”.
As such, with the recent financial performance here, I remain wary – and particularly continue to question at what price a ‘longer-term financing structure’?
This latest news a pump before an attempted bailout financing dump? Certainly at this current juncture, I consider this a bargepole stock.
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