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.

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."

"Hamworthy (AIM:HMY) announces today that it has won a contract in excess of 5 million for delivery over the next two years to supply its exhaust gas cleaning technology. The orders have been placed by Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. and relate to equipment for four 45,200dwt Roll-On Roll-Off vessels which are being built for Italian-based fleet operator Ignazio Messina & C. S.p.A.

Hamworthy acquired Krystallon, a leading supplier of ships' exhaust gas cleaning systems, in September 2009. The acquired technology provides a cost-effective means of complying with the International Maritime Organisation and EU regulations for the reduction of SOx emissions from engines and boilers. As regulatory deadlines for emissions control draw closer and new geographical territories seek emissions control status, interest from ship owners has grown significantly."

StockMarketWire.com
Marine and offshore fluid handling systems specialist Hamworthy has won orders worth around 10m.

The firm has clinched an order for the supply of pumps and pump systems for the Papa Terra FPSO and a contract for cargo handling systems for two LPG-carriers.

The pump contract for the Papa Terra FPSO comprises the cargo pump room system, firewater pump system and sea-water lift pumps.

Delivery of the equipment is scheduled for the end of 2010 and beginning of 2011.

Papa Terra FPSO will be owned and operated by BW Offshore for Petrobras in Brazil. The contract to supply LPG cargo handling packages was awarded by Hyundai Heavy Industries Co for installation on two 23,000 cubic metre fully refrigerated LPG carriers for delivery to Indonesian owner Pertamina Shipping.

The contract includes all cargo related engineering and equipment and will be delivered in 2010 and 2011.

Chief executive Joe Oatley said: "We still expect the shipbuilding market to remain challenging for some time and it remains too early to predict when a wider sustained recovery in our core markets will occur.

"However, these orders are encouraging and reinforce the signs of increased activity in the FPSO and smaller LPG markets reported earlier this month."

StockMarketWire.com
"Marine and offshore fluid handling systems specialist Hamworthy has won a 50m contract from Brazilian shipyard Estaleio Promar.

The contract is for ship design and supply of cargo handling systems for eight LPG carriers.

The scope of supply includes the design of the ships and the design and supply of the cargo tanks, in addition to the cargo handling system.

Delivery of the equipment is scheduled from mid-2012 to mid-2015.

The eight LPG carriers will be owned and operated by Transpetro, a subsidiary of Petrobras in Brazil. "

StockMarketWire.com
Hamworthy has won a contract worth more than 20m with Chinese shipyard Nantong Sinopacific Offshore & Engineering.

Hamworthy said the contract was for cargo handling systems on six 12,000cu m liquid ethylene gas carriers.

Delivery will begin in December 2011 through to mid 2013.

The scope of supply includes engineering, reliquefaction plant and deep well cargo pumps.

Offshore pump order breakthrough in Brazil
Hamworthy (AIM:HMY) is pleased to announce that it has been awarded a contract from Brazilian shipyard Engevix Construcs Oceicas S.A. for the supply of cargo pumping systems for eight Floating Production Storage and Offloading vessels (FPSOs). The contract is worth approximately 30 million. Delivery of the equipment is scheduled between 2012 and 2014.

Joe Oatley, Chief Executive of Hamworthy, said: "This is a significant breakthrough for electric driven deepwell cargo pumps in the offshore oil production market. The Brazilian market continues to be an important focus for the Group in both the marine and offshore sectors."

Hamworthy is pleased to announce that it has signed a contract with Perunding Ranhill Worley - Muhibbah Consortium to supply a liquid natural gas ("LNG") regasification system with a value in excess of 20 million. The regasification system is scheduled for delivery in early 2012.

The technology used is similar to Hamworthy's previous ship-based regasification contracts, but will be installed on a fixed jetty situated off the coast of Malaysia.

Joe Oatley, Chief Executive of Hamworthy, said: "We have witnessed an increase in demand for LNG regasification facilities in the Far East as the demand for energy increases in this region. This contract award confirms Hamworthy's position as a leading provider of compact and fast-track LNG regasification solutions."

Excelent news Harry.

StockMarketWire.com
Fluid handling systems specialist Hamworthy says the improvement in order intake has continued.

The firm's order book stood at 258m at the end of March compared with 142m a year ago.

Net cash generation in the second half year has been ahead of previous indications and the group maintains its strong balance sheet.

The board remains confident of meeting full year expectations for the year to the end of March.

Charles Stanley has hiked its target price for oil and gas services group Hamworthy by 34% to 608p after a boost in its order intake has highlighted the recovery in the market.

In the view of the management, the bottom of the cycle has passed with a recovery in the order book, analyst Peter Ashworth said. Order intake was nearly three times that of the prior year at 290.5m with notably strong performances by its Oil & Gas systems division with a near ten-fold increase on FY2010, he added.

StockMarketWire.com
Hamworthy said it continued to make good progress in Q1 with a closing order book at end-June of 261m (2010: 134m).

The Group said it has been particularly successful in securing orders across its Pumps, Oil & Gas and Inert Gas Systems businesses from the offshore and gas carrier markets. Demand for the Group's Aftersales products and services remains robust.

Market conditions continue to follow the trends reported at the year end, with the offshore and LNG regasification markets being buoyant, increased activity in the gas carrier market and the remaining sectors of the new ship build market showing only slight improvement in the rate of new vessel contracting.

The Group is progressing as expected in its development and commercialisation of technologies for the emerging environmentally driven markets of exhaust gas cleaning and ballast water treatment. Following land based testing of the ballast water prototypes, two systems are now undergoing shipboard trials in accordance with the IMO test protocol. The Group continues to see an encouraging rate of enquiries for exhaust gas cleaning systems.

Hamworthy said it is confident of meeting expectations for the financial year ending 31 March 2012.

Thursday 22 September, 2011Hamworthy plc
Investor Site Visit
RNS Number : 6879O
Hamworthy plc
22 September 2011







Press Release
22 September 2011





Hamworthy plc



("Hamworthy" or the "Group")



Investor Site Visit



Hamworthy plc (AIM:HMY) a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, is today hosting a site visit for a group of institutional investors and investment professionals in Aalborg, Denmark.



The purpose of the visit is to provide these investors with the opportunity to gain a broader understanding of the Group's operations.



No new trading or financial information will be made available during the visit. A copy of the presentation will be available on the Group's investor relations website.

Hamworthy (AIM:HMY), announces that it has acquired 100 per cent of the issued share capital of AW Flow Holdings Limited ("AW Flow") and its subsidiary undertakings, a UK based specialist valve manufacturer for the oil and gas sector.

The consideration is 24 million on a debt free/cash free basis, funded entirely from Hamworthy's own cash reserves. 21.6 million was paid on completion with a further 2.4 million of deferred consideration payable over the next two years.

In the year to 31 October 2010 AW Flow had revenue of 20.2 million and pre-tax profit of 4.6 million in respect of its continuing businesses. Consolidated net assets at 31 October 2010 were 14.2 million of which 9.0 million was subsequently distributed by way of net dividend. The business employs 141 people.

AW Flow includes the well-known brands of Shipham Valves, Leeds Valve, John Mills Valves and Robert Cort. Its range of valves are highly complementary to Hamworthy's existing pump range and the acquired business will be merged with the Group's Pumps Systems business to form a new division, Hamworthy Flow Solutions.

Great stuff with no doubt some nice upgrades to follow. new commentary published at investorschampion.com

Hamworthy buoyed by LNG demand
StockMarketWire.com
Marine engineer Hamworthy described the LNG market as 'dynamic' as it confirmed it was on course to meet expectations for the year ending 31 March 2012.

The group, which announces interim results on 22 November, saw its order book advance from 187 million to 256 million, though it noted that order intake in the six months was lower than the same period last year due to two large contract wins in that period and the timing of current project awards.

The improvement in performance of the Inert Gas and Oil & Gas Systems businesses witnessed in the second half of last financial year continued. The group reported that investment in the oil exploration and production market remains robust and that it had been successful in winning orders in this area, with two contracts worth approximately 11 million in aggregate for FPSO flare gas recovery systems for use in Brazil.

The company indicated that the LNG market remains 'dynamic' with high levels of contracting of new build carriers this year and a sustained interest in the developing market for offshore regasification facilities. On 3 October 2011, Hamworthy announced the 24 million acquisition of AW Flow Holdings Limited, a specialist valve manufacturer for the oil and gas sector.

In the year to 31 October 2010 AW Flow had revenue of 20.2 million and pre-tax profit of 4.6 million in respect of its continuing businesses. Hamworthy expects the range of acquired valves to be complementary to its existing pump range.

Story provided by StockMarketWire.com



Story provided by StockMarketWire.com

StockMarketWire.com
Hamworthy expects to exceed its previous full year forecasts following contract wins totalling around 40m.

Hamworthy, a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, has won contracts for the supply of liquid natural gas regasification and liquid petroleum gas cargo handling systems with Hyundai Heavy Industries.

The first contract is for the supply of LNG regasification systems to be installed on two floating storage regasification unit vessels ordered earlier this year by Hgh LNG.

The regasification systems are scheduled for delivery in 2012 and early 2013.

The second contract is for the supply of the LPG cargo handling system to be installed on an 84,000 cu m new build LPG carrier ordered earlier this year by Solvang.

The equipment, which includes Hamworthy's newly patented reliquefaction technology, is due for delivery in 2012.