Hardide PLC Year End Trading Update (2634O)
07 Oktober 2021 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 2634O
Hardide PLC
07 October 2021
7 October 2021
Hardide plc
("Hardide", "the Group" or "the Company")
Year End Trading Update
The Board of Hardide plc (AIM: HDD), developer and provider of
advanced surface coating technology, is pleased to provide an
update on trading for the financial year ending 30 September 2021
(subject to audit and year-end adjustments).
The Board is pleased that expected improvements across all key
markets have come through in the closing months of the financial
year. This is evidenced by the value of orders received during H2
FY21 at GBP2.5m being 52% higher than in H1 FY21, though a
significant proportion of this will be recognised as revenue in H1
FY22. This shift means that revenue for H2 FY21 will be in line
with that of H1, though a disciplined approach to cost means that
EBITDA loss will be in line with expectations. Cash at bank at 30
September 2021 was approximately GBP1.5 million.
Going into FY22, there are promising signs of recovery across
all the Group's key market sectors:
Energy
There are very encouraging signs of recovery in this key market
for the Group. For example, one major customer, whose demand
reduced significantly in late 2020 due to the pandemic-induced
downturn, is placing orders again for delivery in Q1 FY22. Demand
from a major UK-based oil and gas customer is also returning. In
addition, large project-based orders from a US customer for sand
screens have been placed recently for Q1 FY22 delivery.
Power Generation
The substantial first order for coated gas turbine blades that
was announced recently is also due for delivery in Q1 FY22 and
developments are still continuing with EDF Energy on the coating of
large steam turbine blades.
Industrial Pumps
Demand from our major industrial pump manufacturing customer in
North America continues to be strong and is projected to continue
in H1 FY22.
Aerospace
This market is also continuing to show promising signs of a
recovery. Following the successful approval by Airbus of our new
Bicester facility, initial orders have been received for A320
aircraft wing components. The coating has already been approved on
components for the A330, A380 and A400M aircraft. The Group
continues to await finalisation of commercial terms between Airbus
and one of its Tier 1 suppliers before that supplier can sign a
major supply agreement with the Group. Leonardo Helicopters has now
completed its long-running transmission system test programme that
included Hardide-coated components. We look forward to production
orders of these starting in FY22. Other exciting development
projects are underway with multiple aerospace customers, including
landing gear and MRO (Maintenance, Repair and Overhaul)
companies.
Alternative Energy and Other Sectors
Testing and evaluation of our coated components are also
progressing with a large US-based manufacturer of electric
vehicles. Indications of the coating's performance are positive,
and more progress is expected in the next few months. The Company
is also working on other developments for applications in various
sectors of alternative energy production, including solar, nuclear
and gas turbines.
Commenting on the trading update, Robert Goddard, Chairman of
Hardide plc, said :
" Hardide has experienced significant improvements across all
key markets over the course of H2 FY21 and we are seeing increased
orders as we continue to emerge out of the worst of the COVID-19
pandemic. T he Board and management have continued to make
excellent progress in developing the Group's strategy, particularly
to build its position in the global transition to alternative
energy sources. The new opportunity with a large manufacturer of
electric vehicles in the US is an exciting prospect for
Hardide.
"The Board believes that a number of factors, including
diversification of our customer base, product development,
increased awareness of the benefits of our coatings and strong
customer relationships, position the Group well for growth. The
Board is looking forward to an improved performance in FY22 and
providing further updates on the various exciting projects in
progress."
The Company expects to announce its preliminary results for the
year to 30 September 2021 on or about 8 December 2021.
Enquiries:
Hardide plc Tel: +44 (0) 1869 353
Robert Goddard, Non-Executive Chairman 830
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) 2072 200
Henrik Persson / Abigail Kelly 500
Richard Chambers (ECM)
Allenby Capital - Joint Broker Tel: +44 (0) 20 3328
Jeremy Porter - Corporate Finance 5656
Tony Quirke - Sales and Corporate Broking
Notes to editors:
www.hardide.com
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 the energy sectors, valve
and pump manufacturing, precision engineering and aerospace
industries.
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