Hamworthy: Strong orders; robust prospects

At its annual meeting, chairman Gordon Page told shareholders that each of the group's main product groups had performed in accordance with expectations. Hamworthy manufactures advanced marine fluid handling systems for ships and offshore oil and gas facilities. "The near-term outlook is underpinned by the strength of the order book, which at 30 June 2008 stood at £301 million (30 June 2007: £270 million),” Page went on. “The group also has robust long-term growth prospects across the breadth of its key markets.” Hamworthy continued to develop its businesses in the growth segments of onshore and offshore production of oil and gas, LNG regasification and cruise, he reported. "Order intake for the first quarter to 30 June 2008 was £51 million. Intake has been particularly strong in the first six months of 2008 in the cruise ship market for both waste water and fresh water systems. As anticipated, activity has also increased in the offshore oil Floating Production Storage and Offloading (FPSO) market which benefited both the pump systems and inert gas systems businesses.” The company’s board looked forward with confidence, Page concluded.