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Hardide losses narrow after record sales

By BFN News | 07:12 AM | Monday 11 December, 2017


Hardide's sales rose to a record £3.24m in the year to the end of September - 51% higher than last time, largely due to recovery of demand from the oil and gas markets. Sales in the second half were 14% ahead of H1 and gross profit of £1.59m was up from £0.69m in 2016 with gross margins improving to 49.1% (2016: 31.9%). Group operating losses of £1.24m were down from £1.47m and the loss before interest, tax, depreciation and amortisation fell to £0.74m (2016: loss of £1.30m before exceptional items). Chairman Robert Goddard said: 'I am very pleased to report that Hardide has achieved record revenue for the year to 30 September 2017. 'The positive trend in the underlying oil and gas market conditions that began in H2 2016 has continued through the full year and beyond. 'Sales to customers in each of Hardide's other key sectors of aerospace, flow control and precision engineering also rose year-on-year. 'The board is encouraged by progress in the diversification and development of the customer base and efforts to diversify further will continue. 'The facility in Virginia is performing well and the post-period-end fundraise will allow us to increase our capacity in the US. 'The expanded production base in the US will serve multiple sectors of the North American market. 'At the same time, we aim to expand further our presence in selected UK & European markets. 'The civil aerospace market represents significant growth potential and, in addition to the recently-gained industry approvals for the UK plant, the company plans to bring the US facility to aerospace standard during 2018. 'The board is confident in the outlook and expects the good progress to continue in 2018 and beyond.' Story provided by StockMarketWire.com

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