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Hardide PLC (HDD)

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Wednesday 04 April, 2018

Hardide PLC

Trading Update

RNS Number : 7058J
Hardide PLC
04 April 2018
 

 

Press Release

04 April 2018

 

Hardide plc

("Hardide" or "the Group" or "the Company")

 

TRADING UPDATE

 

Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to give the following update on trading for the first six months of its current financial year to 30 September 2018.

 

Overall trading is firmly ahead of both H1 and H2 2017. Sales are more than 40% higher compared to H1 2017 and almost 25% higher compared to H2 2017. This is primarily due to increased demand from customers in the oil and gas sector, while sales to flow control and precision engineering customers are also ahead of both periods in the previous year.

 

The final £0.82m of the fundraising was received in February following HMRC advance assurance of EIS eligibility. The new coating reactor is currently being manufactured and is on schedule to be installed at Martinsville, Virginia in Autumn 2018. Various operational enhancements have also been completed at Bicester.

 

The Board expects the trading performance for the full financial year to be in line with market expectations.

 

Half year results are expected to be published on 14 May 2018.

 

 

Enquiries:

 

 

Hardide plc

Robert Goddard, Non-Executive Chairman

Philip Kirkham, CEO

Jackie Robinson, Communications Manager

 

 

Tel: +44 (0) 1869 353830

 

IFC Advisory

Graham Herring / Heather Armstrong / Florence Chandler

 

Tel: +44 (0) 20 3934 6630

 

finnCap

Henrik Persson / James Thompson / Alex Price

 

Tel: +44 (0) 20 7220 0500     

 

Notes to editors:

www.hardide.com

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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