Companies: HMY   

Advanced marine and offshore fluid handling systems specialist Hamworthy has won a Greek order worth more than £17 million.

AIM-quoted Hamworthy, a world leader in its field, has secured an order from Korean group Hyundai Heavy Industries to supply cargo handling engineering and equipment packages for six ‘mid-sized’ liquid petroleum gas (LPG) carriers. The ships, which will be built at Hyundai’s Ulsan yard in Korea, are to be delivered to Athens-based Prime Marine and Naftomar between August 2008 and January 2010.

The deal is worth more than £17 million to Hamworthy, which increased pre-tax profits 56 per cent to £13.6 million in the year to March. Chief executive Kelvyn Derrick comments the contract brings to 19 the number of ships for which Hyundai has asked Hamworthy to provide LPG re-liquefaction systems.

At 634p, up 12.5p this morning, Hamworthy shares have risen 170 per cent since Growth Company Investor’s recommendation two years ago. Hold on.