Trading Update

RNS Number : 9508R

Hardide PLC

18 September 2014

 



18 September 2014

Hardide plc

("Hardide" or "the Company")

Trading update

Hardide, the provider of advanced surface coating technology, is pleased to provide a trading update for the year to 30 September 2014.

After an encouraging first half, the second half of the financial year has progressed strongly, and results for the year are therefore expected to be slightly ahead of current market forecasts.  This result has been underpinned by the Company's new major supply contract with General Electric Company coming on stream as expected, as well as the return to a more normal level of orders from a major oil & gas customer.

Hardide is seeing developing momentum in demand and, in line with its proposals announced in July when the company raised £2.7m (gross), the Board is now proceeding with its investment plans for additional coating capacity in the UK.  This new production capacity is expected to become operational before the end of 2014.  The Company's test programme with Airbus, now in qualification phase, is progressing well and with greater speed than previously. Airbus is testing a Hardide coating as an alternative to hard chrome plating for certain aerospace applications.

Hardide expects to announce full year results in late November when it will provide a further update on current trading.

For further information:

Hardide plc
Philip Kirkham, Chief Executive Officer		Tel: [phone]
Jackie Robinson, Communications Manager		www.hardide.com
finnCap		Tel: [phone]
Stuart Andrews/ Grant Bergman		www.finncap.com
Newgate Threadneedle		Tel: [phone]
Josh Royston/Heather Armstrong/Adam Lloyd		www.newgatethreadneedle.com

About Hardide plc

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, nuclear, advanced engineering and aerospace industries. 

 

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