Pre-close update for the year ending 30 Sept 2010
01 Oktober 2010 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 5883T
Hardide PLC
01 October 2010
+-------------------------------+---------------------------------+
| Press Release | 01 October 2010 |
+-------------------------------+---------------------------------+
Hardide plc
("Hardide" or "the Group")
Pre-close update for the year ending 30 September 2010
Hardide plc (AIM: HDD), the provider of unique surface engineering technology,
is pleased to give the following update ahead of its preliminary results for the
year ending 30 September 2010.
The Group's performance has held up well in the second half of the year and the
Board expects the revenue result for the year to exceed the management budget.
Other financial indicators are also expected to be better than internally
forecast, notably cash reserves, which at present are ahead of budget.
In H2 2010, the Group has seen a continuation of the upward trend in sales to
the oil and gas sector, the early stages of a recovery in sales to pump
manufacturers and new accounts in the valve sector. Encouraging progress also
continues to be made in our strategic projects in aerospace and coating for
diamonds. These are longer term markets, but remain part of the Group's long
term growth plans.
Whilst Hardide's dependence on a few major customers is being eased as new
accounts are secured, the Directors remain cautious about internal forecasts and
continue to manage the Group's cash resources carefully.
The Group has also strengthened its sales and technical teams in the last six
months. Robin Gillham has been appointed as a second Business Development
Manager. Robin brings 19 years of engineering and technical sales experience
and an in-depth understanding of the Hardide technology, having previously
worked for the company as Sales Manager between 2004 and 2008. Three technical
staff have also been recruited at the UK production facility in Bicester, which
will further improve customer service and turnaround capability.
The date of the preliminary announcement of results for the year ended 30
September 2010 will be notified in due course.
- Ends -
For further information:
+------------------------------------+------------------------+
| Hardide plc | |
+------------------------------------+------------------------+
| Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 |
| | 830 |
+------------------------------------+------------------------+
| Jackie Robinson, Corporate | www.hardide.com |
| Communications | |
+------------------------------------+------------------------+
+------------------------------------+------------------------+
| Seymour Pierce Limited | |
+------------------------------------+------------------------+
| Guy Peters | Tel: +44 (0) 20 7107 |
| | 8000 |
+------------------------------------+------------------------+
| | www.seymourpierce.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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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