Hamworthy Pumps sees 60% revenue increase
Hamworthy Pumps,revenue,financial report
Hamworthy Pumps has increased its turnover by 60% and created 26 new jobs since it was acquired by the Scandinavian investment company firm Solix Group from Finland's Wärtsilä Group in 2018.
Sales of firewater pump packages (FWPPs) and scrubber pumps have increased significantly. The 26 new full-time positions are across the organisation in sales, human resources, engineering and project management.
During its first year as an independent company, Hamworthy Pumps focused on rebuilding the organisation, re-establishing the brand and planning future investments in the product line and the Singapore plant.
“Now we are back on our own feet as an independent company, and we are finding that our brand, our rich history and our in-line pump solutions, are increasingly catching the eyes of customers in the marine and offshore industry,” said Hamworthy Pumps managing director Mark Lawson.
The Singapore-based pump company says that a stronger focus on the customer, including shorter lead times and a stronger setup for service, support and aftersales, has attracted new customers.
“We are easier to deal with. Transactions are less complex and decision making is swifter. We have simplified many processes and no longer experience orders being delayed due to protracted legal discussions,” said Lawson.
After a strong start to 2020, Hamworthy Pumps is now beginning to feel the effects of Covid-19. The oil price crash has prolonged the pay back on scrubbers, and the expected increase in demand following the introduction of the new, lower limit on sulphur in marine fuel has so far failed to materialise.
“So the ‘watch and wait approach’ might last a bit longer than previously expected, and we will not see an increase in demand of scrubbers in Q2,” said Lawson. “However, we are in close dialogue with our customers, who expect the Covid-19 setback to be temporary. We are aiming for the scrubber market to pick up towards the end of Q2 or the middle of Q3, based on the expectation that the price spread between HFO and LSFO will return to the 150–200 range.”
Hamworthy Pumps was founded in 1889 and is based near the Port of Singapore. The company is part of the Svanehøj Group, which is owned by investment company Solix.