Hardide PLC Trading Update (8113S)
22 Marzo 2016 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 8113S
Hardide PLC
22 March 2016
22 March 2016
AIM: HDD
Hardide plc
("Hardide" or "the company")
Trading Update
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, makes the following update on trading
as the company closes the first six months of its current financial
year to 30 September 2016.
As previously reported, the Board has been monitoring demand
from the oil & gas markets in the light of the global slowdown.
Having completed its latest review, it is clear that customer
demand from this sector remains low as a direct result of the fall
in the oil price. The Board now expects that the trading
performance for the full financial year will be below current
market expectations, with results weighted towards the second half,
reflecting anticipated phasing of orders.
Nonetheless, the company has maintained its pricing with
customers in this sector, reflecting the value of its technology,
and it continues to work with existing and new oil & gas
customers on future potential high value applications. Revenues
from other sectors, in particular advanced engineering and
aerospace combined, have nearly doubled year-on-year in the first
half as Hardide continues to make good progress and diversify its
customer base. The Board also remains very encouraged by the strong
pipeline of prospects evident across the range of its target
sectors.
The management continues to maintain a tight control of the cost
base.
Robert Goddard, Chairman of Hardide plc, said:
"While headwinds in the oil & gas sector continue to affect
our key oil and gas customers, we remain encouraged by the progress
made in other sectors, including in advanced engineering and
aerospace. This supports Hardide's longer term prospects as our
technology is increasingly adopted in new applications and
markets."
For further information:
Hardide plc Tel: +44 (0) 1869
Philip Kirkham, CEO 353 830
Jackie Robinson, Communications
Manager
finnCap Tel: +44 (0)20 7220
Stuart Andrews / Grant Bergman 0500
KTZ Communications Tel: +44 (0)20 3178
Katie Tzouliadis 6378
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology
tungsten-carbide 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, 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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