News

Hamworthy brightens on confident forecast

30 September 2008 09:57:00

Hamworthy bucked the downward market trend Tuesday after the fluid handling systems maker said its full year should meet forecasts and currency moves were going in its favour.

The firm, which designs and makes systems for shipping and offshore oil and gas facilities, said its order book at 31 August 2008 stood at £303m for delivery over the next three years, £2m more than a year ago.

"First half performance is anticipated to be relatively strong due to the timing of certain contract deliveries and expenditures together with particularly robust demand in aftersales," it said.

"The board anticipates that full year trading performance will meet its expectations."

It added that average rates for its local reporting currencies have continued to strengthen against sterling resulting in "a favourable translation effect compared to the prior year".

"Hamworthy continues to maintain a strong balance sheet and the board looks forward to the future with confidence."

Interim results are due on 25 November.

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