Hamworthy Provides Trading Update (UK)

Hamworthy, a world leader in the design and manufacture of innovative marine, onshore and offshore fluid handling systems, is pleased to give the following trading update.

The improved level of order intake announced on 26 January 2011 has continued with the Group’s order book as at 31 March 2011 now at £258 million (31 March 2010: £142 million).

Net cash generation in the second half year has been ahead of previous indications and the Group maintains its strong balance sheet. The Board remains confident of meeting full year expectations for the year ended 31 March 2011.

Hamworthy continues to experience strong demand for its Aftersales products and services and increased order intake from the oil and gas market. Activity levels have improved in the LNG market with two significant regasification orders being secured in the second half and an increase in enquiries for systems for LNG carriers. Whilst the volume of contracts and enquiries for products and systems for LPG carriers has increased during the year, recovery in the wider marine new build market is less consistent across ship types and the sustainability of that recovery remains uncertain.

The Group will be announcing its Preliminary Results on Tuesday 7 June 2011.

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Source: Hamworthy, April 14, 2011;