Brokers Hargreave Hale gave the following Valuation for HMY

VALUATION
The nearest comparisons to this Group are Sondex, trading on a current year multiple of 14 and Weir Group which typically trades on multiples of 12 plus. We would argue that Hamworthys prospects are brighter than both these companies in view of the strong order book and the global positioning. Fully taxed earnings of 13p this year and 16.5 p for the 2005/6 end March, suggests a current year PE of 9.9x and a prospective PE of 7.8x. There is a prospective yield in excess of 4%. If trading on a similar PER to Sondex the shares would be valued at in excess of 180p. We would argue that a premium to Sondex is justifiable, in particular because of the potential ramp up to sales as a result of the new product pipeline now gaining client acceptance in what is in any event one of the fastest growing markets in the world.

"Shares" Article relating to Hamworthy (HMY) posted below for info.

With a following wind these shares should double over the next year or so.

Some catty folk in the City say the flotation last month by Collins Stewart
could have been handled better, i.e. at a higher price. It was certainly over
subscribed but the rating is half that of similar oil sector service companies
including Sondex.

Drastic fall. Can't see the reason. Anybody know why? Has the cashier run off with the money?

spreads on smaller companies are appalling and you can see that here. Makes it totally untradable but then of course the market makers know that. It's probably an institution having to bail out. Problem is, it could have a long way to fall yet.

IMO

The accounting error may be slightly affecting this, but no big deal imo.
Sp has been down to 380p this year for no particular reason & current dip is on very thin volume of trades. Recent broker recommendations are all neutral with not much scope for movement in the share price.
I still think the company is sound, if unexciting. Don't forget though that it is only a small AIM Company & comes with it's own risks.

"Hamworthy (AIM:HMY), has signed a contract with Gasum OY to supply an onshore LNG plant in Finland to be delivered in mid 2010, with a value in excess of 10m.

The contract with Gasum OY, a natural gas importer and wholesaler in Finland, is for a 20,000t/y capacity LNG plant in Skdvik, Porvoo. The scope of supply includes a pre-treatment plant, liquefaction system and storage tanks.

Joe Oatley, Chief Executive of Hamworthy, said: 'We are pleased to have won this order which confirms progress in our strategy of broadening our exposure to the whole LNG supply chain. We have built on our experience in previous land based projects to develop a solution where much of the plant is prefabricated and this approach minimises site installation cost and risk."

"Hamworthy, the fluid handling systems specialist, said operating profit increased by 112% to 12.8m in the half-year to 30th September.

Operating margin increased to 11.3% and basic earnings per share rose by 110% to 22.5p per share.
The order book increased by 1.7% to 309.1m.

Cash generated from operations was 13.3m, leading to net funds at 30th September 2008 of 56.6m.

The interim dividend was raised 15% to 3.05p per share from 2.65p last year."

MoneyAM
"Marine, onshore and offshore fluid handling systems specialist Hamworthy has taken over Greenship.

Hamworthy is paying 2m cash and a further 5m once Greenship's ballast water treatment technology receives formal regulatory approval, anticipated later in 2009.

The acquisition will be funded entirely from Hamworthy's own cash reserves.

Based in Groningen in the Netherlands, Greenship is a privately owned business specialising in ballast water treatment for ships, which is an emerging market driven by international environmental regulations. "

MoneyAM
"Marine, onshore and offshore fluid handling systems group Hamworthy saw orders slow in the second half of the year.

But the group says it is confident of meeting expectations for the year ended 31 March.

The order book at 28 February stood at 270m - down from 285m a year ago.

The group said it had seen a slow down in the rate of order intake in the second half of the year due to the combined effects of the economic downturn, difficulties in obtaining finance for new ships and high levels of ship ordering in recent years.

The slowdown is predominantly in the gas and cruise ship markets, with new ordering of large LNG and LPG carriers slowing markedly as existing shipyard order books are delivered and this capacity is absorbed into the world's fleet. "

Business Financial Newswire
Marine and offshore fluid handling systems specialist Hamworthy is increasing its total dividend by 10% to 8.73p after "excellent trading results".

Revenue for the year to the end of March rose 9.1% to 252.8m - a decrease of 1.5% on a constant currency basis.

Operating profit rose 42.3% to 23.0m (2008 restated: 16.1m) or 26.0% on a constant currency basis with margins increasing to 9.1% (2008: 7.0%).

But order intake fell by 22.1% to 177.6m and the closing order book is down 16.5% to 260.4m.

Chairman Gordon Page said: "These excellent trading results are matched with good progress on our strategy outlined last year, placing the Group in a strong position to deal with the current challenging economic conditions."

Not a lot of chat on this one.

Noticed a couple of director buys in addition to the encouraging results.

Is it just you in this one Harrycat?

A terrific little company, imo, but a little dull of late.
Currently not holding stock, but I keep my eye on it & may get back in for the divi.

Business Financial Newswire
"Marine, oil and gas systems and services specialist Hamworthy is acquiring the business and assets of the technology and products division of Aibel AS, the Norwegian oil services company.

The cash consideration for the acquisition will be 3.5m payable upon completion with an additional amount of up to 2.7m payable upon achievement of certain performance criteria over the next two years.

The business had revenues of 13 million for the 12 months to 31 December 2008.

Aibel Technology & Products provides leading technologies to the offshore oil & gas market that are used to increase the efficiency of oil production and ensure the safe handling of cargoes. "

Did Aibel make a profit or a loss from that revenue?

The answer is 'I don't know', but they had gained a recent contract which I imagine is now transferred to HMY:
"OSLO, April 21 (Reuters) - Norway's StatoilHydro (STL.OL) has awarded a contract worth 470 million crowns ($93.85 million) to oil service group Aibel AS for work at the Kaarstoe gas-processing plant, StatoilHydro said on Monday.
The job is part of the 6.5-billion-crown Kaarstoe expansion project at the facility north of Stavanger on Norway's west coast, StatoilHydro said.

StatoilHydro awarded the contract on behalf of Kaarstoe operator Gassco, the company said.

"In addition to its basic value of 470 million crowns, the contract includes options for testing the upgraded facilities as well as for upgrading a steam boiler and removing old equipment," StatoilHydro said in a statement. (Reporting by John Acher)"

I read somewhere (can't remember exactly where, sorry) that they made a loss on the revenue but that HMY would only pay the additional 3.5m if Aibel improved to be profitable.

The article didn't say how much loss was made last year.

Links to AIBEL history. Makes for interesting reading.
http://tinyurl.com/nyn8nj
http://tinyurl.com/kv649r
http://www.aibel.com/

Business Financial Newswire
"Marine fluid management specialist, Hamworthy says that, subject to currency movements, it remains confident of meeting expectations for the year to 31 March 2010 and reports good near term visibility and a robust sales order book which stood at 222m as at 30 June 2009 ( 2008 301m).

The Group said that order intake for new product sales remained slow with a total order intake for the Group of 29 m for the first quarter (2008 51m).

Order intake for Aftersales continues at the steady levels seen through the last financial year.

The Group benefited from sterling's weakness in currency translation in the year to 31 March 2009. Since the year end sterling has strengthened by approximately 6% against the basket of the Group's reporting currencies.

Hamworthy has identified a number of areas where cost savings can be acheived. In addition to the cost reductions previously announced in the Gas Systems and Water Systems businesses, the Group is taking action to reduce costs in its deepwell pump business in Denmark after two years of very high levels of activity. This will result in a headcount reduction in that business of 13%. "

Business Financial Newswire
Although AGM statement shows Hamworthy is confident about meeting current year expectations, Collins Stewart says order intake is at levels which lead to downgrade.

Has cut 2010/11 forecasts to PBT of 15.9m (from 18.6m) and EPS of 24.6p (29.9p). "

Business Financial Newswire
Hamworthy initiated at Altium with buy recommendation, 300p TP

Business Financial Newswire
"First half revenues at marine and offshore fluid handling systems specialist Hamworthy fell 11% to 100.4m.

Operating profits decreased by 20.6% to 10.2m with underlying earnings per share down 25.8% at 16.7p.

The order book at the end of September stood at 196.3m compared with 309.1m a year ago.

But the firm said there was strong cash generation from operations of 15.9m (H1 2008: 13.3m), leading to net funds at 30 September 2009 of 63.9m (30 September 2008: 56.6m).

The interim dividend is up 5% at 3.20p per share. "

Business Financial Newswire
"Marine engineering specialist Hamworthy said it continues to trade in line with expectations, achieving a high profit-to-cash conversion.

The group said it remains confident of meeting full year expectations for the year to end-March 2010.

The order book at end-February 2010 stood at 163m (2009: 270m). As expected, the rate of order intake in the second half of this financial year for original equipment has remained in line with the level reported for the first half year. Demand for the Group's Aftersales products and services continues to remain steady.

In the shipbuilding market ordering of new vessels remains at historically low levels. Whilst the Group has witnessed a slight improvement in some areas, general market conditions remain challenging and it is still too early to predict when activity levels will return to normal.

Hamworthy remains focused on margin improvement across the Group and action continues to be taken to reduce its cost base to match current trading conditions. In addition the Group is pursuing a range of organic and acquisitive growth opportunities, in particular within the upstream oil and gas sector and markets driven by environmental legislation.

Hamworthy will be announcing its Preliminary Results on Wednesday 2nd June 2010. "

StockMarketWire.com
"Operating profits at marine and offshore fluid handling systems specialist Hamworthy fell 15.2% - 20.5% on a constant currency basis - to 19.5m in the year to the end of March.

Revenues fell 15.2% - 19.5% on a constant currency basis - to 214.3m - but operating margins were maintained at 9.1%.

Underlying basic earnings per share fell 19.5% to 32.2p and the order intake reduced by 44.3% to 99m while the closing order book was down 45.4% at 142.1m.

Chairman Gordon Page said: "This is another strong set of trading results for Hamworthy, despite on-going challenges in our markets.

"We have, however, maintained our operating margins on reduced revenue and once again remained highly cash generative.

"The group has a strong balance sheet and a range of long-term growth opportunities and, despite short term market uncertainties, the board looks forward with confidence."