Companies: HMY   

Marine fluid handling systems specialist Hamworthy has bought 79 per cent of Gdynia-based Baltic Design Centre (BDC) for £500,000.

AIM-quoted Hamworthy, which recently said its three-year order book had reached £303 million, argues BDC, Poole, a privately-owned ship design concern serving European shipyards Dorset-based, is ‘immediately earnings enhancing’. BDC, which turned over some £400,000 in 2007, already does sub-contract design work for Poole, Dorset-based Hamworthy, whose chief executive Joe Oatley suggests BDC will ‘increase the cost competitiveness of our gas systems business and augment the group’s wider design capabilities’.

Floated at 109p four years ago, Hamworthy shares have fallen from 665p a year ago to 240p today, valuing the company at £109 million. Over the long term, they should recover lost ground.

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Hamworthy	AIM	£113.98m	251.00p	-30.00p
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