Pre-close update for the year

RNS Number : 5883T

Hardide PLC

01 October 2010

 



Press Release

01 October 2010

Hardide plc

("Hardide" or "the Group")

Pre-close update for the year ending 30 September 2010

Hardide plc (AIM: HDD), the provider of unique surface engineering technology, is pleased to give the following update ahead of its preliminary results for the year ending 30 September 2010.

The Group's performance has held up well in the second half of the year and the Board expects the revenue result for the year to exceed the management budget.  Other financial indicators are also expected to be better than internally forecast, notably cash reserves, which at present are ahead of budget.

In H2 2010, the Group has seen a continuation of the upward trend in sales to the oil and gas sector, the early stages of a recovery in sales to pump manufacturers and new accounts in the valve sector.  Encouraging progress also continues to be made in our strategic projects in aerospace and coating for diamonds.  These are longer term markets, but remain part of the Group's long term growth plans.

Whilst Hardide's dependence on a few major customers is being eased as new accounts are secured, the Directors remain cautious about internal forecasts and continue to manage the Group's cash resources carefully.

The Group has also strengthened its sales and technical teams in the last six months.  Robin Gillham has been appointed as a second Business Development Manager.  Robin brings 19 years of engineering and technical sales experience and an in-depth understanding of the Hardide technology, having previously worked for the company as Sales Manager between 2004 and 2008.  Three technical staff have also been recruited at the UK production facility in Bicester, which will further improve customer service and turnaround capability.

The date of the preliminary announcement of results for the year ended 30 September 2010 will be notified in due course.

- Ends -

For further information:

Hardide plc
Graham Hine, Chief Executive	Tel: [phone]
Jackie Robinson, Corporate Communications	www.hardide.com

Seymour Pierce Limited
Guy Peters	Tel: [phone]
	www.seymourpierce.com

Notes to editors:

Hardide manufactures and applies tungsten carbide-based coatings to a wide range of engineering components.  The Group's patented technology provides a unique combination of ultra-hardness, toughness, low friction and chemical resistance in one coating.  When applied to components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life.  Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.

 

END

 

 

MSCLMMPTMBIJMLM