LONDON--Hardide PLC (HDD.LN), an engineering surface coating technology company, Monday warned demand from the oil and gas exploration and production markets is "very subdued", but said it is confident about its prospects.

"The board continues to monitor the oil and gas markets closely and is keeping the company's cost base under tight control," it said in a trading statement ahead of its half-year results.

Still, it said the technical approval of the coating by Airbus Group SE (AIR.FR), the recently-announced long-term supply contract for components for the X-ray baggage scanner and other potentially high-value applications currently in test give the board confidence about the medium and long term prospects of the company.

Shares closed Thursday at 1 pence.

 
--Write to Simon Zekaria at simon.zekaria@wsj.com

(END) Dow Jones Newswires

February 22, 2016 02:35 ET (07:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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