TIDMHDD

RNS Number : 6706Z

Hardide PLC

10 February 2014

10(th) February 2014

Hardide plc

("Hardide" or "the Group" or "the Company")

AGM Statement

Hardide (AIM: HDD), the provider of advanced surface coating technology, will be holding its Annual General Meeting at its HQ in Bicester at 10:30 am today. At the meeting Robert Goddard, Chairman of the Company, will make the following statement:

"The first half of the year is progressing well with trials and projects being turned into regular business; including a number that have the potential for significant revenue growth in the near-term. Sales activity has increased following further investment from the Company, with the number of active accounts rising to 47 from 38 at the year end. Additionally, sales of the new coating for oil and gas tools developed with the Technology Strategy Board grant are continuing to grow."

"The Group is also working to increase market penetration and diversity and thereby reduce its dependence on a small number of customers. Combined with investment in sales and marketing this has resulted in nine new projects being worked on since the year end and receipt of the first order from Italy. We are also in discussions concerning potential new supply agreements which would be contributors to this year's performance."

"Support from the Board for continued investment in a number of areas across the Company, including technical development and extending the patent portfolio, has allowed new application development, further adding value to the Company and giving confidence in the year ahead."

For further information:

 
 Hardide plc 
 Philip Kirkham, Chief Executive Officer              Tel: +44 1869 353 830 
  Jackie Robinson, Communications Manager             jrobinson@hardide.com 
                                                            www.hardide.com 
  finnCap                                             Tel: +44 20 7220 0500 
   Stuart Andrews / Grant Bergman                           ww.finncap.com/ 
  Newgate Threadneedle                                Tel: +44 207 653 9850 
   Graham Herring / Heather Armstrong           www.newgatethreadneedle.com

Notes to editors:

Hardide Coatings develops, manufactures and applies nano-structured tungsten-carbide coatings to a wide range of engineering components. The Group's patented technology is unique in combining a mix of abrasion, erosion and corrosion resistant properties in one material and its ability to coat interior surfaces and complex shapes uniformly. When applied to metal components in aggressive environments, the material is proven to offer dramatic improvements in component life resulting 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, nuclear, advanced engineering and aerospace industries.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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