Innovative marine-fluid handling systems specialist Hamworthy has won orders worth �12 million from leading European cruise ship builders.

The company, based in Poole, Dorset, says its water systems division has agreed to deliver advanced water treatment and desalination systems between the middle of this year and early 2011. Market sources believe the buyers include Italian group Fincantieri of Trieste, the largest cruise ship builder in Europe, and Meyewerft, its German counterpart.

AIM-quoted Hamworthy, which increased interim profits 14 per cent to �6.5 million pre-tax on sales up 30 per cent to �106.2 million, argues that it is well placed to exploit present strong growth in the cruise ship market. Chief executive Joe Oatley maintains the treatment of water on cruise ships ‘continues to show robust long-term growth, driven by both increased demand for berths and tighter environmental legislation’.

Floated at 109p in 2004 and recommended by Growth Company Investor the following year at 233p, Hamworthy shares hit 665p last year before we suggested partial profit taking at 543p. They now trade at 416p, up 3p this morning, to value the company at �188.5 million, and should make further progress in the medium to long term.

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Hamworthy	AIM	�92.64m	204.00p	0.00p
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