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Hardide sales up by 59%

By BFN News | 08:18 AM | Tuesday 16 May, 2017

Hardide said revenue increased by 59% to £1.51m (H1 2016: £0.95m) from the first half of 2016 and 27% from the six-month period to 31 March 2017. FINANCIAL HIGHLIGHTS - Gross profit of £0.69m (H1 2016: £0.25m) - Group operating loss of £0.69m (H1 2016: £0.63m loss, which included a £0.23m reversal of impairment and grant income of £0.14m). On a like-for-like basis, operating loss of £0.72m (H1 2016: £1.02m loss excluding reversal of impairment, release of provision and effect of grants) - EBITDA loss (gross profit less administrative expenses) of £0.43m (H1 2016: loss of £0.72m) - Cash at bank at 31 March 2017 of £1.56m OPERATIONAL HIGHLIGHTS - Demand returned from oil and gas sector as sales from this sector rose 115% compared with H1 2016 and 38% compared with H2 2016 - Testing was completed successfully and commercial discussions were underway with major oil service company in North America for onshore drilling components - Approved supplier status with Airbus Group gained - Detailed commercial and technical discussions progressing with Airbus and other equipment manufacturers about coating specific aircraft parts - Increased sales to aerospace and precision engineering - Additional new parts approved for the BAE Systems Typhoon aircraft - Test plan for new transmission components with Leonardo Helicopters was progressing well. The original testing programme for other safety-critical main rotor components awaited the availability of the customer's highly-specialised test rig - US facility in Virginia was fully operational and produced regular production parts for blue-chip North American customers POST-PERIOD - Further order of $100k received from the General Electric for the same components that were supplied under the three-year strategic supply agreement which expired at end of February 2017 - First production order from new, major oilfield service company for coating of a family of subsea flow-control components - Royal Mail approval for coating of a component for letter sorting machines At 8:18am: (LON:HDD) Hardide PLC share price was -0.03p at 1.68p Story provided by

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