Hardide PLC Trading Update (6890N)
26 September 2019 - 4:00PM
UK Regulatory
TIDMHDD
RNS Number : 6890N
Hardide PLC
26 September 2019
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
26 September 2019
Hardide plc
("Hardide", "the Group" or "the Company")
Year End Trading Update
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, is pleased to provide an update on
trading and expectations for the financial year ending 30 September
2019.
Early indications of strong demand across the Company's target
markets have continued:
- Sales to the Company's major flow control customer in North
America have more than doubled
- Large project-based orders have been received for an oil and gas operator
- Increase in the coating of industrial diamonds used in the oil and gas industry
- Increased sales to the precision engineering sector
Accordingly, the Company expects (subject to audit and year-end
adjustments) to report revenues of around GBP5.0 million, ahead of
expectations. Reflecting the sales mix and continuing investment,
EBITDA is expected to be in line with expectations.
Fitting-out of the Company's new UK premises has commenced and
the timing of the relocation to the new facility is currently on
track to be completed during September 2020. As previously
announced, three new coating reactors have been ordered, with two
of these to be installed at the new UK site and one at the
Martinsville site in the USA. The existing three reactors in
Martinsville are currently working at full capacity.
The Company expects to report its preliminary results for the
year to 30 September 2019 on or around 9 December 2019.
Philip Kirkham, CEO of Hardide plc, commented:
"We are pleased to announce the second consecutive year of
record sales revenue. Revenue for the second half year is expected
to be approximately 13% ahead of the first half and the full year
approximately 9% ahead of the last financial year. It is also
pleasing that demand is spread across a continually broadening
range of customers, sectors and applications. Demand remains strong
and we are optimistic about further growth in the year ahead."
Enquiries:
Hardide plc
Philip Kirkham, CEO Tel: +44 (0) 1869 353
Robert Goddard, Chairman 830
Jackie Robinson, Communications Manager
IFC Advisory Tel: +44 (0) 2039 346
Graham Herring / Florence Chandler 630
finnCap Tel: +44 (0) 2072 200
Henrik Persson / Kate Bannatyne / Matthew 500
Radley
Allenby Capital
Jeremy Porter / James Hornigold Tel: +44 (0)20 3328 5656
Notes to editors:
www.hardide.com
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, precision engineering and aerospace industries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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