Hamworthy half time sales and profits fall

Revenue in the period decreased by 17% to £83.1 million (H1 2009: £100.4 million) while operating profit decreased by 36.7% to £6.4 million (H1 2009: £10.2 million). Commenting on the results, chairman Gordon Page said: "The Group is pleased to see a recovery in some of its markets as witnessed by the winning of some significant orders in the first half. However, the timing of a general upturn across the remainder of the Group's end markets remains difficult to predict. With the current order book position and robust demand for aftersales the Board is confident of meeting expectations for the full year." The company said its ongoing focus on operational excellence and the actions taken to reduce costs during 2009 gave some protection to margins the fall of which was due to reduced revenues and the decision to maintain capability and continue to invest in research and development. Order intake for the period increased significantly to £131 million (H1 2009: £45.6 million) reflecting two significant oil and gas systems contracts and growth in aftersales.