HDD Hardide Plc

 

TIDMHDD 
 
RNS Number : 5640O 
Hardide PLC 
10 March 2009 
 

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| Press Release                      |                      10 March 2009 | 
+------------------------------------+------------------------------------+ 
 
 
Hardide plc 
 
 
("Hardide" or the "Group") 
 
 
Trading Update 
 
 
Hardide plc (AIM:HDD), the provider of unique metal surface engineering 
technology, gives the following trading update. 
 
 
The Group has recently had discussions with a number of its customers in the UK 
and US to endeavour to secure firmer forecasts of demand for Hardide's product 
in the light of the current global economic situation. 
 
 
A number of Hardide's customers' markets, particularly in the oil and gas, 
automotive and construction industries, have been adversely affected by the 
economic downturn and the latest sales forecast for Hardide's product to these 
sectors for the year ending September 2009 is significantly below current 
management expectations.In the light of continuing uncertainty over sales and 
the adverse market conditions, the Group is implementing a cost reduction plan 
formulated to protect its future. This will include the hibernation of the 
Hardide manufacturing facility in Houston until such time as sales are 
sufficient to re-commence operations.  All product and samples being processed 
in the US will be transferred to the UK in a managed transition. In the UK, the 
Group is reviewing its options to deal with the reduction in sales. This will 
include, subject to full consultation with staff, a redundancy programme. 
Hardide has seven employees in the US and 26 in the UK. 
 
 
Commenting on the announcement, Graham Hine, Chief Executive Officer of Hardide 
plc, said: "The global economic downturn has hit our key markets severely and it 
is with regret that we have to take these measures to re-align our business to 
the new market conditions.  We are acting quickly to secure the base level of 
operations from which we can create longer term stability and build the business 
as circumstances improve. 
 
 
 
 
 
 
 
 
"It is always hard to lose employees but we have no choice but to ensure that 
our staffing levels are in line with future business demands. It is particularly 
hard as this comes at a time when we have been making notable progress in 
commercialising a coating for titanium, in testing for the coating of diamonds 
and diamond grit, and when we have secured our first volume production order 
from a new blue chip oil and gas technology service provider. There has been no 
reduction in sales due to customer dissatisfaction with Hardide or our coating 
technology." 
 
 
- Ends - 
For further information: 
 
 
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| Hardide plc                               |                            | 
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| Dr Graham Hine, Chief Executive           |  Tel: +44 (0) 1869 353 830 | 
| Jackie Robinson, Head of Communications   |                            | 
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|                                           |            www.hardide.com | 
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| Seymour Pierce Limited                    |                            | 
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| Nicola Marrin                             |  Tel: +44 (0) 20 7107 8000 | 
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|                                           |      www.seymourpierce.com | 
+-------------------------------------------+----------------------------+ 
 
 
  Media enquiries: 
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| Abchurch                                  |                            | 
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| Chris Lane                                |  Tel: +44 (0) 20 7398 7708 | 
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| chris.lane@abchurch-group.com             |     www.abchurch-group.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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