Hardide PLC AGM Statement (1702S)
15 March 2021 - 6:00PM
UK Regulatory
TIDMHDD
RNS Number : 1702S
Hardide PLC
15 March 2021
15 March 2021
Hardide plc
("Hardide", "the Group" or "the Company")
AGM Statement
At the Annual General Meeting of Hardide plc (AIM: HDD) to be
held at 11:30am today, Robert Goddard, Chairman of the Company,
will make the following statement:
"The Company is in a sound financial position with new proceeds
of approximately GBP1 million received from the recent fundraising.
As expected, trading remains largely stable around the same levels
experienced in the second half of last year, when the effects of
the COVID-19 pandemic impacted our target market sectors. The Board
expects recovery in demand, particularly from the oil and gas
sector, to accelerate in H2 2021. The rise in oil prices to over
$60 per barrel, the encouraging increase in the number of working
oil and gas rigs in North America and the increasing global demand
for oil, gives us confidence that the beginning of recovery is
underway.
"The new UK site is fully operational, with both sufficient
capacity and capability to cope with the expected near-term
resumption of customer demand. Aerospace business from Airbus,
while somewhat delayed due to the effects of COVID-19, is expected
to commence in late 2021. The accreditation of equipment and
production processes at the new site is on schedule and due to be
completed in late spring/early summer of 2021. The lease on the
Wedgwood Road site ends in October 2021. The US site has continued
operating normally with the new, fourth coating reactor now fully
operational.
"The Board retains its positive outlook and expectations that
demand will return and continue on the upward trajectory that was
established before the pandemic. In addition, there are a number of
potential high--volume projects in development and test with
aerospace, energy and precision engineering customers. As ever, all
or some of these may or may not come to fruition, but each has the
potential to make a significant contribution to revenue to the
Group.
"Half year results are expected to be published on or around 20
May 2021."
Enquiries:
Hardide plc Tel: +44 (0) 1869
Robert Goddard, Non-Executive Chairman 353830
Philip Kirkham, CEO
Jackie Robinson, Communications Manager
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring / Tim Metcalfe / Florence 6630
Chandler
finnCap - Nominated Adviser and Joint Broker Tel: +44 (0) 20 7220
Henrik Persson / Matthew Radley (corporate 0500
finance) Tel: +44 (0) 20 3328
Richard Chambers (ECM) 5656
Allenby Capital- Joint Broker
Jeremy Porter / Tony Quirke
Notes to editors:
Hardide develops, manufactures and applies advanced technology
tungsten carbide/tungsten metal matrix 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.
www.hardide.com
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END
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