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Hayward Tyler – new order win as loan repayment can kicked further down the road (though not very far)...

By Steve Moore | Friday 17 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.

Having recently noted a £2.4 million repayment due to Royal Bank of Scotland on 31st March (Hayward Tyler – announces “new order wins”, but attempted bailout financing dump ahoy?), I now note a further announcement from Hayward Tyler Group (HAYT); “Bank facility update and new order win”.

The order is a $2 million contract for retrofit of the company’s seal-less technology for a US nuclear facility, with it emphasising “we have a strong reputation within the US market and it is promising to see that our capabilities and products continue to meet demand”.

Hmmm. I remind that last month the company noted “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). It has since announced “new orders totalling $8.3m (circa £6.8m)… will be delivered during fiscal year 2018” and this latest is seven units “due for delivery during fiscal years 2018/19/20”.

Meanwhile, the loan “repayment date has been extended from 31 March 2017 to 30 April 2017 and the annualised measurement of the financial covenants has also been put back from 31 March 2017 to 30 April 2017”, as the company states it “continues to have constructive discussions” with Royal Bank of Scotland and that “we are working together to find the optimal funding structure for the group to support its long term development”.

Hmmm. With the recent financial performance, I continue to be concerned of the bank being able to call the shots here. Thus, continuing to question at what price a ‘longer-term financing structure’?, I presently continue to consider this a bargepole stock.

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