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Hardide revenues fall

By BFN News | 07:15 AM | Monday 06 June, 2016


The downturn in oil and gas exploration hit Hardide's first half revenues which fell to GBP0.95m from GBP1.78m a year ago. Gross profit for the six months to the end of March fell to GBP0.25m (H1 2015: GBP1.21m) and group reports an operating loss of GBP0.63m, after accounting for revaluation and provision and including US start-up costs (H1 2015: loss of GBP0.08m). Hardide reports an EBITDA loss of £0.72m (H1 2015: profit £3,000). Chairman Robert Goddard said: "Advanced engineering and aerospace sector revenues more than doubled during the half year and Group order intake showed a 44% rise from the prior six months. However, we are in the midst of the longest and most severe global downturn in our core market of oil and gas and this has led to Group revenues falling 46% from the same period last year. In response, the Company has acted quickly and decisively to reduce its cost and expense base while retaining its ability to react quickly when demand from the oil and gas market recovers. "However, for the foreseeable future the Company has to operate in these challenging market conditions and continues to grow its business outside oil and gas. With this in mind the Board is considering potential funding options for the business as a precautionary measure. Nonetheless the Board is encouraged by the progress being made in the potentially high-value advanced engineering and aerospace sectors and is confident about the longer-term outlook for the business." Story provided by StockMarketWire.com

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