TIDMHDD

RNS Number : 8285C

Hardide PLC

17 February 2020

17 February 2020

Hardide plc

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

AGM STATEMENT

At the Annual General Meeting of Hardide plc (AIM: HDD) to be held today at 11:30am, Robert Goddard, Chairman of the Company, will make the following statement:

"The Company has started the new financial year on a positive note and continues to trade in line with market expectations.

"The positive trend seen in the second half of the last financial year has continued, with strong performances from the oil and gas, and North American flow control sectors in particular. Developments in the aerospace market continue, with good progress being made with Airbus and their Tier 1 suppliers in the negotiation of supply agreements.

"The Company's US facility continues to enjoy a high workload and a fourth coating reactor is due for delivery in early May.

"The site relocation project is on schedule, with the internal fit-out works for the new building completed and various items of new equipment now being installed. Modifications of the existing coating reactors will commence shortly. Transfer of these to the new site will be phased in order to maintain current coating capacity during the move.

"The Company's new Finance Director, Simon Hallam, will join the Board on 20 April 2020 and, to ensure a smooth handover of duties, Peter Davenport will remain in place until 22 May 2020. Again, we would like to thank Peter for his considerable efforts and we welcome Simon to the Board.

"Half year results are expected to be published on or around 19 May 2020. To ease the production process of the annual report over the Christmas period, next year's AGM will be held in March 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                 0500 
   Allenby Capital- Joint Broker                   Tel: +44 (0) 20 3328 
   Jeremy Porter/James Hornigold                   5656

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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