Hayward Tyler parent raises cash to fund global expansion
Specialist Energy Group plc, the engineering group that owns Luton-based Hayward Tyler, has raised around £5 million through a placing.
The funds will provide working capital principally to support the group’s exports to India, the expansion of its US nuclear operation and to provide greater flexibility to fund new orders. As at October 31, the company’s order intake for the year to date stood at £26.3m with a confirmed order book of £25.3m.SEG’s wholly owned subsidiary, Hayward Tyler, is a leading designer and manufacturer of mission critical components to the power generation and offshore oil and gas sectors.Earlier this month, SEG announced that Hayward Tyler had won new orders worth almost £3m in India and China through Bharat Heavy Electricals Ltd and Shanghai Boiler Works Ltd.The company has also identified a potential new site for its North American nuclear focused operations to create a ‘nuclear stamped’ facility which has the potential to almost double Hayward Tyler’s current footprint.SEG’s directors Ewan Lloyd-Baker, Ronald Emerson and Nicholas Flanagan participated in the placing.John May, non executive chairman of SEG, said: “We are delighted by the strong interest that has been shown by new and existing institutional investors in the placing. “Not only does it allow the group to continue expanding but it clearly strengthens our balance sheet and should facilitate the move to more flexible banking arrangements.”• PHOTOGRAPH SHOWS: Ewan Lloyd-Baker