TIDMHDD
RNS Number : 7212U
Hardide PLC
30 June 2009
+-------------------------------------+---------------------------------------+
| Press Release | 30 June 2009 |
+-------------------------------------+---------------------------------------+
Hardide plc
("Hardide" or "the Group")
Interim Results
Hardide plc (AIM: HDD), the provider of unique surface engineering technology,
announces its interim results for the six months ended 31 March 2009.
Highlights
+--+----------------------------------------------------------------------+
| * | Turnover decreased by 30% to GBP888,000 (H1 2008: GBP1.26 million) |
+--+----------------------------------------------------------------------+
| * | Gross profit reduced by 46% to GBP362,000 (H1 2008: GBP670,000) |
+--+----------------------------------------------------------------------+
| * | Group operating profit of GBP26,000 (H1 2008: loss GBP777,000) after |
| | accounting for credit on the exchange difference on the intercompany |
| | loan between Hardide plc and Hardide Coatings, Inc. |
+--+----------------------------------------------------------------------+
| * | Loss before tax reduced to GBP54,000 (H1 2008: loss GBP891,000) |
+--+----------------------------------------------------------------------+
| * | Houston facility hibernated and UK redundancy programme effected in |
| | March 2009. US Business Development Manager retained to continue US |
| | sales and sampling function |
+--+----------------------------------------------------------------------+
| * | Cost reduction plan resulted in H1 2009 savings of over GBP300,000 |
+--+----------------------------------------------------------------------+
| * | Hardide successfully develops a new coating for titanium |
+--+----------------------------------------------------------------------+
| * | Management team strengthened with the appointment of Nick King as |
| | Business Development Manager in UK and Europe |
+--+----------------------------------------------------------------------+
Post-Period Events
+--+----------------------------------------------------------------------+
| * | Hardide secures approval and orders from FMC Technologies |
| | (NYSE:FTI), a leading global energy services provider |
+--+----------------------------------------------------------------------+
| * | Bridging finance of GBP50,000 secured from two existing shareholders |
| | to provide short term working capital while longer term fundraising |
| | is concluded. |
| | |
+--+----------------------------------------------------------------------+
Commenting on the interim results, Graham Hine, Chief Executive of Hardide plc,
said: "There is no doubting the severity of the global recession. We have faced
and tackled complex challenges, but I believe that Hardide has the structure,
strategy and people in place to re-establish an upward sales trend which will
set the direction for sustainable growth in future shareholder value. I am
confident in the recovery and growth of demand for Hardide's technology."
- Ends -
For further information:
+-------------------------------------------+----------------------------+
| Hardide plc | |
+-------------------------------------------+----------------------------+
| Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 830 |
+-------------------------------------------+----------------------------+
| Jackie Robinson, Corporate Communications | www.hardide.com |
+-------------------------------------------+----------------------------+
+-------------------------------------------+----------------------------+
| Seymour Pierce Limited | |
+-------------------------------------------+----------------------------+
| Nicola Marrin | Tel: +44 (0) 20 7107 8000 |
+-------------------------------------------+----------------------------+
| | www.seymourpierce.com |
+-------------------------------------------+----------------------------+
Media enquiries:
+-------------------------------------------+----------------------------+
| Abchurch | |
+-------------------------------------------+----------------------------+
| Chris Lane / George Parker | Tel: +44 (0) 20 7398 7708 |
+-------------------------------------------+----------------------------+
| chris.lane@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+----------------------------+
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
CHAIRMAN'S STATEMENT
The interim results for the six months to 31 March 2009 reflect the impact that
the global economic downturn has had on the Group's business. This is in line
with many other small manufacturers and in our case was aggravated by the sharp
fall in sales which began in the second quarter, a result of aggressive
de-stocking by our major customer.
The Group is reporting H1 2009 revenue of GBP888,000, a decrease of 30% compared
with the same period last year (H1 2008 GBP1.26 million). Group gross profit was
GBP362,000, a fall of 46% from GBP670,000 in H1 2008. Cost of sales decreased by
a disproportionate 11% or GBP67,000 reflecting the relatively fixed production
salaries which account for 59% of the cost of sales for H1 2009. The Group made
an H1 2009 operating profit of GBP26,000, compared with a loss of GBP777,000 in
H1 2008, after accounting for a credit on the exchange difference on the
intercompany loan between Hardide plc and Hardide Coatings, Inc. Removing the
effect of this charge would result in a similar operating result to H1 2008, but
with much lower revenue. Similarly, the Group pre tax loss narrowed to GBP54,000
compared to a loss before tax of GBP891,000 in the same period last year.
During the course of the reporting period, the Board was required to make some
difficult decisions to protect the future of the business. In March 2009, the
manufacturing facility in Houston was hibernated and a redundancy programme was
implemented in the UK. These decisions were not made lightly but were absolutely
necessary to provide a more stable platform from which the business can grow as
conditions improve. At the same time, the plan to reduce significantly the cost
and expense base has resulted in H1 2009 savings of over GBP300,000 compared
with the same period last year. This does not take into account savings to be
made on the hibernation of the Houston plant and post-period steps to further
reduce the cost of sales.
It has however been a time of advancement as well as frustration. Crucially, the
unique Hardide technology continues to win new and strategically significant
customers and there has been no loss of sales due to product failure or
under-performance. The coating is continually being proven as an enabling
technology with the power to offer unprecedented commercial and technical value
to customers. The opportunities for increasing penetration into existing
markets, for converting the strong development pipeline and for exploiting the
new titanium and diamond coating markets are high. The Board is confident that
Hardide remains a business with significant potential.
All staff and members of the Board have made substantial contributions during
this difficult period and I would like to thank them for that and for their
loyalty and commitment.
Robert Goddard
Chairman
30 June 2009
CHIEF EXECUTIVE OFFICER'S REVIEW
The last year has been one of extreme turbulence and uncertainty in the global
economy, fuelling a downturn which has impacted businesses in most industrial
sectors worldwide. The oil sector has been subject to extreme volatility which
saw the oil price fluctuating by over US$100 per barrel during the year, falling
to less than US$40 in December 2008. In the final part of the period to 31 March
2009, the Group experienced the impact of this global situation as our key
customers in the oil and gas, construction and automotive sectors dramatically
reduced their production output and expressed uncertainty over their future
demand for the Hardide technology. It should be noted that no customers have
reduced orders due to dissatisfaction with the product.
The Board took swift and decisive action in March 2009 to protect the future of
the business as soon as the extent of the decrease in customer orders was
identified. A Group cost reduction plan was implemented which saw the US
manufacturing plant hibernated until sales are sufficient to re-start
operations. The plant was safely shut down and production was seamlessly
transferred to the UK. No customers were lost as a result of this move.
In the UK, a redundancy programme unfortunately resulted in the loss of five
positions. It is extremely disappointing that this was necessary as the Group
has been making notable progress in commercialising a coating for titanium, in
testing for the coating of diamonds and diamond grit with customer partners, and
in converting blue chip customers after more than 18 months of stringent
testing. However, the re-structured organisation and a reduced and streamlined
cost base means that the business is well placed for macro-economic recovery and
the return to previous sales levels from existing customers.
The rigorous application of cost reduction initiatives has enabled the Group to
drive further operating and cost efficiencies by more than GBP300,000 or 24%
when compared to H1 2008. Gross margin reduced to 41% from 53% in H1 2008 but
variable-only margin remained at 76% compared with 77% in the same period last
year.
UK: Hardide Coatings Limited
Hardide Coatings Limited, the UK operating company, was hit by the softening of
the oil and gas market in particular. A combination of redundancies, robust cost
controls, regular forecasting and a sharply reduced cost and expenses base
offset the impact.
In February 2009, the sales resource was enhanced with the appointment of Nick
King as Business Development Manager. A senior and highly experienced business
development professional, Nick joined from Praxair Surface Technologies Ltd. He
brings more than 30 years experience of the surface treatment market and an
extensive network of contacts. Nick is a strong addition to the management team
and has already made a valuable contribution to our more focused product and
market strategy.
The Applications Development Committee led by Technical Director, Dr. Yuri Zhuk
has been making good progress on a number of strategically and financially
significant new applications. In March 2009, the Group was pleased to announce
that it had successfully developed a process to enable the Hardide coating of
titanium. This is a significant breakthrough for the coating of a
high-performance metal commonly used in the aerospace, defence and motorsport
industries. Furthermore, the Group has been making encouraging progress in the
development of a new variant coating for diamond which is in test with three
customer partners. Sampling is underway for a number of other pre-qualified and
prioritised new general industrial and aerospace applications.
Hardide's strategy is clear and recognises the importance of short-term cash
generation. In order to turn the significant prospects for Hardide into
performance, the Group is working with customer partners to develop priority
markets and is accelerating applications that diversify its customer base and
end-user markets. By leveraging the Group's unique technology to deliver
unparalleled component performance and cost-benefits to customers, Hardide can
fulfil a niche that is open to no other provider.
Meanwhile, safety and environmental issues continue to receive high priority
from the Board and management, and performance levels remain high and in-line
with all statutory requirements.
US: Hardide Coatings, Inc.
It has previously been acknowledged that the sales cycle for the technology in
the US was taking longer than expected. When compounded by the effects of the
depressed economy, this situation meant that the Group could not sustain the
operation of the Houston plant without jeopardising the prospects of the entire
business. This led to the hibernation of the facility at the end of March 2009.
All production was transferred to the UK site, and no customers were lost in the
process. Dan Wilson, US-based Business Development Manager, was retained as an
employee and together with the UK operations and engineering teams, he played a
key role in the smooth transition of customers, samples and production parts.
The intention is for the US plant to re-open when the UK reaches capacity and/or
when US sales are sufficient to support the re-start of operations.
The US continues to generate a healthy pipeline of qualified parts in test, and
has secured two significant post-period conversions, including FMC Technologies,
which have taken more than 18 months of engineering and testing to realise.
Outlook
In the three months since this reporting period, the Group has continued to
experience difficult trading conditions and uncertainty from customers,
culminating in a fundraising which is pending conclusion at the time of
announcing these results.
There is no doubting the severity of the global recession. We have faced and
tackled complex challenges, but I believe that Hardide has the structure,
strategy and people in place to re-establish an upward sales trend which will
set the direction for sustainable growth in future shareholder value. I am
confident in the recovery and growth of demand for Hardide's technology.
Graham Hine
Chief Executive Officer
30 June 2009
+------------------------+--+--------------+--+-------------+----+----------------+
| Consolidated income statement for the | | | |
| period ended 31 March 2009 | | | |
+---------------------------------------------+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | 6 months to | | 6 months to | | Year to |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | 31 March 2009 | 31 March 2008 | 30 September |
| | | (unaudited) | (unaudited) | 2008 (audited) |
+------------------------+--+-----------------+------------------+----------------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Revenue | | 888 | | 1,263 | | 2,123 |
+------------------------+--+--------------+--+-------------+----+----------------+
| Cost of Sales | | (526) | | (593) | | (1,132) |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Gross Profit | | 362 | | 671 | | 991 |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Administrative | | (1,002) | | (1,273) | | (2,499) |
| expenses | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Depreciation | | (241) | | (231) | | (500) |
+------------------------+--+--------------+--+-------------+----+----------------+
| Exchange difference on | | 907 | | 56 | | 418 |
| intercompany loan | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Operating profit | | 26 | | (777) | | (1,590) |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Interest income | | 14 | | 21 | | 37 |
+------------------------+--+--------------+--+-------------+----+----------------+
| Finance costs | | (90) | | (135) | | (187) |
+------------------------+--+--------------+--+-------------+----+----------------+
| Loss on disposal of | | (3) | | - | | - |
| fixed assets | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Profit on ordinary | | (54) | | (891) | | (1,740) |
| activities before tax | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Tax | | | | | | 37 |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
| Profit for the period | | (54) | | (891) | | (1,703) |
+------------------------+--+--------------+--+-------------+----+----------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+----------------+
+------------------------+--+--------------+--+-------------+----+---------------+
| Consolidated statement of recognised income | | | |
| and expense for the period ended 31 March | | | |
| 2009 | | | |
+---------------------------------------------+-------------+----+---------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | 6 months to | | 6 months to | | Year to |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | 31 March | | 31 March | | 30 September |
| | | 2009 | | 2008 | | 2008 |
| | | (unaudited) | | (unaudited) | | (audited) |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
| Profit for the period | | (54) | | (891) | | (1,703) |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
| Exchange differences | | (753) | | (47) | | (335) |
| on translation of | | | | | | |
| foreign operations | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
| | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
| Total recognised | | (807) | | (938) | | (2,038) |
| income and expense for | | | | | | |
| the year | | | | | | |
+------------------------+--+--------------+--+-------------+----+---------------+
+------------------------------+--+-------------+---+--------------+---+---------------+
| Consolidated balance sheet at 31 March 2009 | | | | |
+-----------------------------------------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | 31 March | | 31 March | | 30 September |
| | | 2009 | | 2008 | | 2008 |
| | | (unaudited) | | (unaudited) | | (audited) |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Assets | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Non-current assets | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Investments | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Goodwill | | 69 | | 69 | | 69 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Intangible assets | | 3 | | 6 | | 4 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Property, plant & equipment | | 1,301 | | 1,533 | | 1,366 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total non-current assets | | 1,373 | | 1,608 | | 1,439 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Current assets | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Inventories | | 32 | | 53 | | 44 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Trade and other receivables | | 169 | | 351 | | 325 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Other current financial | | 103 | | 156 | | 160 |
| assets | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Cash and cash equivalents | | 446 | | 544 | | 995 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total current assets | | 750 | | 1,104 | | 1,524 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total assets | | 2,123 | | 2,712 | | 2,963 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Liabilities | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Current liabilities | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Trade and other payables | | 305 | | 377 | | 356 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Financial liabilities | | 114 | | 120 | | 110 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Provisions | | | | - | | - |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total current liabilities | | 419 | | 497 | | 466 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Net current assets | | 331 | | 607 | | 1,058 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Non-current liabilities | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Financial liabilities | | 1,154 | | 920 | | 1,162 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total non-current | | 1,154 | | 920 | | 1,162 |
| liabilities | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total liabilities | | 1,573 | | 1,417 | | 1,628 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Net assets | | 550 | | 1,295 | | 1,335 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Equity | | | | | | |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Share capital | | 1,896 | | 1,467 | | 1,896 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Share premium | | 4,102 | | 3,345 | | 4,102 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Retained earnings | | (4,755) | | (3,967) | | (4,705) |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Share-based payments reserve | | 364 | | 465 | | 347 |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Translation reserve | | (1,058) | | (16) | | (305) |
+------------------------------+--+-------------+---+--------------+---+---------------+
| Total equity | | 550 | | 1,295 | | 1,335 |
+------------------------------+--+-------------+---+--------------+---+---------------+
Production at the group's US operation in Houston ceased at the end of March
2009. All plant and machinery is remaining in situ, as our current intention is
that the plant will be reopened in due course. A full assessment of the impact
of the hibernation on the carrying value of the fixed assets, and of the
intercompany loan from Hardide plc, will be made in the full year audited
accounts. As at the date of these financial statements, the value of US fixed
assets in the group balance sheet was GBP661,000 and the value of the
intercompany loan was GBP5,062,000.
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Consolidated condensed cash flow statement for the | | | | |
| period ended 31 March 2009 | | | | |
+------------------------------------------------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | 6 months to | | 6 months | | Year to |
| | | | | | to | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | 31 March | | 31 March | | 30 |
| | | | 2009 | | 2008 | | September |
| | | | (unaudited) | | (unaudited) | | 2008 |
| | | | | | | | (audited) |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | GBP '000 | | GBP '000 | | GBP '000 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | Operating profit | | 26 | | (777) | | (1,590) |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Impairment of intangibles | | 2 | | 1 | | 3 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Depreciation | | 239 | | 230 | | 497 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Share option charge | | 19 | | 15 | | 50 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | (increase) / decrease in | | 12 | | 46 | | 55 |
| | inventories | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | (increase) / decrease in | | 213 | | 287 | | 310 |
| | receivables | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Increase / (decrease) in | | (52) | | (135) | | (155) |
| | payables | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Exchange rate variance | | (907) | | (56) | | (391) |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash generated from operations | | (448) | | (389) | | (1,221) |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Finance income | | 14 | | 21 | | 37 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Finance costs | | (31) | | (53) | | (108) |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Tax received / (paid) | | - | | - | | 26 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Net cash generated from operating | | (465) | | (421) | | (1,266) |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | Purchase of property, plant and | | (29) | | (98) | | (127) |
| | equipment | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Net cash used in investing | | (29) | | (98) | | (127) |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | Net proceeds from issue of | | - | | - | | 1,173 |
| | ordinary share capital | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Finance lease inception | | - | | - | | - |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | Finance lease repayment | | (55) | | (74) | | (145) |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | New loans raised | | - | | - | | 225 |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Net cash used in financing | | (55) | | (74) | | 1,253 |
| activities | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Net increase / (decrease) in cash | | (549) | | (593) | | (140) |
| and cash equivalents | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash and cash equivalents at the | | 995 | | 1,135 | | 1,135 |
| beginning of the period | | | | | | |
+-------------------------------------+--+-------------+---+-------------+--+-------------+
| | | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
| Cash and cash equivalents at the | | 446 | | 544 | | 995 |
| end of the period | | | | | | |
+--+----------------------------------+--+-------------+---+-------------+--+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKKNAAENEFE
Hardide (LSE:HDD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Hardide (LSE:HDD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
