The owners of a Peterborough engineering giant have spoken of the important role played by the city factory in the company’s recovery.
Hayward Tyler, which bought Peter Brotherhood, of Papyrus Road, Werrington, two years ago for £10 million, has just revealed it is poised to return to profitability during the second half of this year.
Profits of between £4 million to £5 million are expected.
And the Luton-based company has reported that orders for the second half of this year have increased by 68.9 per cent to £42.9 million compared to orders for the first half of the year of £25.4 million.
The group expects revenue for the year to reach about £63 million.
Speaking after the trading update, Ewan Lloyd-Baker, chief executive, said: “We’ve had a positive contribution from Peter Brotherhood, which is reinventing itself well and continues to make great progress in developing a pipeline of new orders. This year will be important for us to turn that pipeline into completed orders.”
The 150-year-old Peter Brotherhood was rescued from obscurity when Hayward Tyler brought it from US-based Dresser Rand.
The iconic name was restored and its staff worldwide set about reviving key contacts and flying the flag at international trade exhibitions to attract new business.
Last year the company announced the completion of its first order since its revival - a 60 tonnes steam turbine for South Korea.
Greg Harding, general manager, told staff recently: “We are recruiting and are taking on new orders.”