Shares in Hayward Tyler (HAYT) pulled back after it warned of lower full-year revenue and break-even cash profit for the year to 31 March, which will be "very much second half weighted". This is borne out by the order intake, with £24.3m secured in the four months to 31 January 2017, giving order intake for the 10 months to that date of £49.7m.
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Revenue expectations for the second half were reliant on a number of additional contracts being secured across both the Hayward Tyler and Peter Brotherhood (acquired in October 2015) operating companies. But the signing of around £30m-worth of said contracts have been delayed until late in the fourth quarter, or perhaps into the next financial year.
