MayAir Group Plc (LON:MAYA) Chief Financial Officer, Tat Seng Koh talks to DirectorsTalk about it’s first half 2016 results. Tat Seng elaborates on the reference to a strong order book and future pipeline, talks about the divisional performance, particularly the industrial, commercial and replacement divisions, operational margins during first half of 2016 and their current cash position, explains how another PTFE filter production line will contribute to performance, when we can expect to see the new factory fully operational and finally shares his view on the future prospect of MayAir’s clean air business.
MayAir Group Plc Operational Highlights
· The Group has strengthened its net cash position and has converted debtors into cash, delivering a $1.2 million improvement in MayAir’s net cash position to $16.2 million (H1-2015: $15.0 million).
· Order book developments during H1-2016 provided good visibility for FY-2016. The Board expects FY-2016 to be second half weighted.
· Currently more than US$49.2 million worth of secured projects within the H2-2016 pipeline. The Directors expect the vast majority of this pipeline will be fulfilled and recognised in the current financial year.
· Over US$40 million of further projects tendered.
· Trading in July and August 2016 was encouraging, with over US$10 million of revenue generated.
· Strong enhancement in H1-2016 operating margin, largely due to a higher sales mix from the commercial and replacement divisions.
· During the year, the Group invested and set-up another PTFE filter production line, which has significantly increased its capacity.
