Its orderbook as of the end of February stood at £270m ($396m) compared to £285m a year ago.

The company focuses mostly on pumping and fluid handling equipment and systems for the energy transportation sector, but is also active in the delivery of environmental solutions for the maritime industry.

It cited the difficulty of customers to gain finance for new ships, high levels in ordering new ships in recent years and the economic slow down as causes for the declining orderbook.

The Poole based company has seen a particular slow down in orders from the gas and cruise ship markets as newbuilding capacity is absorbed into the world fleet, particularly with the gas ship sector.

The company's order intake for the tanker and offshore sectors have remained more resilient, while its after sales activity has also been steady.

In a statement the Poole based company said that while it is difficult to predict the length of the period of lower activity, "the long term growth prospects of the group's chosen sectors remain strong, being driven by the increases in environmental regulation and the development in the energy production and transportation sectors."

As part of its focus on environmental technologies Hamworthy recently entered the ballast water technology market with the acquisition of Netherland's based Greenship, and has said it will increase its pace in research and development in other sectors.

Hamworthy chief executive, Joe Oatley said that the company still has a robust orderbook, despite it falling below last year's figures and the company still maintains a strong balance sheet and a good net cash position.

"Whilst market conditions are likely to be challenging for the medium term, the board expects that our key mark

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