Hydro International (HYD.L) on Tuesday confirmed that its financial results for the year 2012 would be in-line with market expectations and that it has secured the order intake required to achieve revenue and profit objectives for the financial year, despite difficult economic conditions.
Hydro International, a provider of environmentally sustainable and innovative products for the control and treatment of water, also anticipated that 2013 revenues and adjusted profit before tax will be materially below 2012 levels.
The group added that orders received in the second half of 2012 are scheduled to be delivered in the second half of 2013, so that the year will again be significantly second half weighted.
Separately, the group said its Chief Executive Officer and Director, Steve Hides, intends to step down after a successor has been appointed. Thereafter Steve will be responsible for Hydro’s US operations, as well as driving expansion into Central and South America.
The Board is actively engaged in the search for a new Chief Executive Officer, the group noted.
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by RTT Staff Writer
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