Good morning!

Today I intend reporting on;

Hayward Tyler (LON:HAYT) - profit warning, but strong pipeline. Issue with bank funding?

Proactis Holdings (LON:PHD) - in line H1 update, and upbeat commentary (I hold this stock personally)

Graham has emailed me a section on:

Fishing Republic (LON:FISH) - in line 2016 update.

Hayward Tyler (LON:HAYT)

Share price: 43p (down 11.3% at the time of writing, 08:30)
No. shares: 55.4m
Market cap: £23.8m

Update on trading & continued bank support - that's the exact title of the RNS, which would be enough to make me hit the sell button on the opening bell, and ask questions later.

This company manufactures heavy-duty electric motors, pumps, etc.

Reviewing the last few RNSs, it looks an interesting situation where the company has been raising loan funding from investors, to take the pressure off its bank borrowings. I reported in Mar 2016 here, on a property sale & leaseback, noting that the finances looked stretched.

The share price had been around 80-90p until Nov 2016, when these funding issues emerged, and has since halved. Clearly the best course of action for small shareholders would have been to exit promptly, as soon as funding issues emerged in Dec 2016, as is so often the case.

Anyway, let's look at today's update. It's rather confusingly worded, as the first paragraph seems to be saying that things are going well, with a strong order book;

The Board indicated in its interim results statement that the current financial year would be very much second half weighted.

This is, as expected, proving to be the case with aggregate order intake1 of £24.3 million secured in the four months to 31 January 2017, giving order intake for the 10 months to that date of £49.7 million and a significant increase in the order book2 to £52.2 million. 

However, the next paragraph seems to be saying that the increase in H2 order intake isn't enough, with a considerable (£30m) amount of delayed orders;

The Board's revenue3 expectations for 2H2017 relied on a number of additional contracts being secured across both Hayward Tyler and Peter Brotherhood in 4Q2017, however, to date there has been a delay in securing a number of these contracts to later in the quarter…

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