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Hardide sees revenue topping expecations amid strong demand

By BFN News | 09:58 AM | Wednesday 19 September, 2018


Surface coating technology provider Hardide said Wednesday it expected full-year revenue would be ahead of market expectations, while earnings would be in line with forecasts. Revenue for the year to 30 September 2018 would be ahead of market expectations and in excess of £4.4m and full-year earnings (EBITDA) would match estimates, the company said. The expectation for record revenue was primarily driven by stronger-than-expected demand from the two major supply agreements -- a major international oil and gas operator and a global provider of drilling completion technology. The favourable backdrop for the oil and gas sector also contributed to improved growth, the company added. The company said it had increased its cost base in line with projected demand In order to manage the high growth rate of the business. 'We are pleased to announce record revenue underpinned by a recovery in demand from the oil and gas sector, particularly from new customers with applications where the Hardide coating offers them significant technical and commercial advantages. We are continuing to work with these customers to explore further opportunities and are optimistic for the future,' said Philip Kirkham, CEO of Hardide. At 9:58am: (LON:HDD) Hardide PLC share price was +0.1p at 1.95p Story provided by StockMarketWire.com

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