Trading Update

RNS Number : 8273F

Hardide PLC

30 April 2014

 



30 April 2014

Hardide plc

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

Trading Update

Hardide (AIM: HDD), the provider of advanced surface coating technology, is pleased to provide the following trading update for the  six month period to 31 March 2014.

Interim results will be in line with management's expectations.  As stated previously, H1 2013 benefitted from revenues from a major oil and gas customer that subsequently underwent a rapid inventory reduction exercise and this significantly affected H2 2013. We are pleased to see that the first half of this year is trading comfortably ahead of the previous half year with turnover from the major customer gradually returning to more normal levels. Customer diversification is progressing well with the number of new accounts increasing from 38 to 50 since the previous year end.

The Company has a number of testing programmes currently underway across a range of existing and new industry sectors. The aerospace programmes with Airbus and AgustaWestland continue to progress well with further news expected soon.  The investment in business development in Germany has resulted in trials with several major German companies in the pump and valve and plastic extrusion industries.   

The Group intends to announce its interim results for the six months ending 31^st March in late May 2014.

Philip Kirkham, CEO of Hardide plc commented: "We are pleased to see the continuing diversification of our customer base and that orders from our major customer are returning to more‑normal levels.  Our revenues are recovering and the Board is confident in the outlook for the year."

For further information:

Hardide plc
Philip Kirkham, Chief Executive Officer Jackie Robinson, Communications Manager		Tel: [phone] [e-mail] www.hardide.com
finnCap Stuart Andrews / Grant Bergman	Tel: [phone]      www.finncap.com/
Newgate Threadneedle Graham Herring / Heather Armstrong		Tel: [phone] www.newgatethreadneedle.com

Notes to editors:

Hardide Coatings develops, manufactures and applies nano-structured tungsten-carbide coatings to a wide range of engineering components.  The Group's patented technology is unique in combining a mix of abrasion, erosion and corrosion resistant properties in one material and its ability to coat interior surfaces and complex shapes uniformly.  When applied to metal components in aggressive environments, the material is proven to offer dramatic improvements in component life resulting 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, nuclear, advanced engineering and aerospace industries. 

 

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