Hardide PLC Trading Update (8273F)
30 April 2014 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 8273F
Hardide PLC
30 April 2014
30 April 2014
Hardide plc
("Hardide" or "the Group" or "the Company")
Trading Update
Hardide (AIM: HDD), the provider of advanced surface coating
technology, is pleased to provide the following trading update for
the six month period to 31 March 2014.
Interim results will be in line with management's expectations.
As stated previously, H1 2013 benefitted from revenues from a major
oil and gas customer that subsequently underwent a rapid inventory
reduction exercise and this significantly affected H2 2013. We are
pleased to see that the first half of this year is trading
comfortably ahead of the previous half year with turnover from the
major customer gradually returning to more normal levels. Customer
diversification is progressing well with the number of new accounts
increasing from 38 to 50 since the previous year end.
The Company has a number of testing programmes currently
underway across a range of existing and new industry sectors. The
aerospace programmes with Airbus and AgustaWestland continue to
progress well with further news expected soon. The investment in
business development in Germany has resulted in trials with several
major German companies in the pump and valve and plastic extrusion
industries.
The Group intends to announce its interim results for the six
months ending 31(st) March in late May 2014.
Philip Kirkham, CEO of Hardide plc commented: "We are pleased to
see the continuing diversification of our customer base and that
orders from our major customer are returning to more--normal
levels. Our revenues are recovering and the Board is confident in
the outlook for the year."
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 (0)20 7220 0500
Stuart Andrews / Grant Bergman www.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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