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Hardide affirms guidance for annual loss as revenue slips

By BFN News | 01:45 PM | Wednesday 23 September, 2020


Surface coating technology developer Hardide said it still expected to book a full-year loss as the Covid-19 crisis slows demand from customers in the oil and gas industry. Revenue for the year through September was expected to fall to £4.7m and losses at the earnings before interest, tax, depreciation and amortisation (EBTIDA) were expected at around £0.5m. In the previous year, revenue was £5.1m and EBITDA losses were £0.6m. The latest forecast was in line with guidance given by the company in July. Hardide said a relocation of its business to a new site at Longlands Road, Bicester was now complete, on schedule and at projected cost. A large reactor had now been installed and commissioned, following delays due to the pandemic, completing the installation of all new equipment at the facility. Orders were now starting to be received for Airbus components that had been approved previously, while further parts were due to be approved by Airbus shortly. Hardide had previously reported that revenue would be hurt by a delay in receiving a major oil and gas project order. That order had now been received and would give a positive start to the first quarter of the new financial year. 'Generally, there has been a reduction in demand from oil and gas customers in this current second half as the global economy has slowed,' the company said. 'However, it is pleasing that demand from customers in flow control and precision engineering has not been significantly affected.' At 1:45pm: (LON:HDD) Hardide PLC share price was +4.5p at 26p Story provided by StockMarketWire.com

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