Hardide PLC Trading Update (1836B)
19 Settembre 2018 - 8:01AM
UK Regulatory
TIDMHDD
RNS Number : 1836B
Hardide PLC
19 September 2018
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014
19 September 2018
Hardide plc
("Hardide" or "the Group" or "the Company")
Trading Update
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, is pleased to announce that it expects
revenue for the year to 30 September 2018 to be ahead of market
expectations and in excess of GBP4.4 million with EBITDA for the
year to be in line with market forecasts.
This record revenue is primarily due to stronger than expected
demand from the two major supply agreements previously announced -
one being with a major international oil and gas operator and the
other with a global provider of drilling completion technology, as
well as the general recovery in demand from the oil and gas
sector.
Costs associated with these contracts are greater than usual,
due in one case to the sophisticated geometry of the component,
which requires an unusually-high amount of process gas. In the
other case, Hardide is responsible for the full supply of
components including the metal and manufacturing costs. As a result
of these factors, the gross margin percentage on this additional
business is lower than ordinarily experienced.
In order to manage the high growth rate of the business, the
cost base has been increased in line with projected demand and
ahead of revenue. Accordingly, the Group expects EBITDA for the
year to be in line with market forecasts.
Philip Kirkham, CEO of Hardide plc commented: "We are pleased to
announce record revenue underpinned by a recovery in demand from
the oil and gas sector, particularly from new customers with
applications where the Hardide coating offers them significant
technical and commercial advantages. We are continuing to work with
these customers to explore further opportunities and are optimistic
for the future.
"The Company looks forward to reporting its preliminary results
for the year to 30 September 2018 on or around 10 December
2018."
Enquiries:
Hardide plc Tel: +44 (0) 7711
Philip Kirkham, CEO 281915
Jackie Robinson, Communications Manager jrobinson@hardide.com
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring / Heather Armstrong / Florence 6630
Chandler
finnCap Tel: +44 (0) 20 7220
Henrik Persson / James Thompson / Matthew 0500
Radley
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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