This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
18 March
2025
Hardide plc
("Hardide", the
"Group" or the "Company")
AGM Trading Statement
Hardide plc (AIM: HDD), the provider of
advanced surface coating technology, will be holding its Annual
General Meeting at 11.30am today, at which the Chair will provide
the following update on trading in the financial year ending 30
September 2025.
Year to date trading is in line with the
Board's expectations.
We are pleased to report that we expect
revenues for the first half year ending 31 March 2025 ("H1 FY25")
to be approximately 30% ahead of the £2.1m reported in the
equivalent prior year period ("H1 FY24"). Accordingly, we
expect to report a positive EBITDA and a positive cash flow
performance in H1 FY25 (H1 FY24: EBITDA loss of £0.5m, cash outflow
of £0.7m, prior to proceeds from financing).
Revenue growth is being driven by the further
development of our aerospace business, including initial revenues
from the new contract announced in December 2024 to coat cargo door
components for freight aircraft, together with some recovery in oil
and gas sector demand compared with the previous H1.
The management team and the Board remain highly
focused on pursuing initiatives to accelerate revenue growth and
utilise spare production capacity, as set out in our 2024 annual
report. This includes projects to:
·
harmonise the production capabilities of our Martinsville
factory in the USA with that of Bicester in the UK; and
· broaden the capability of our
wet treatment line in the UK
to enable this service to be offered directly to customers.
Previously this facility has been used solely as a pre-treatment
for CVD coatings.
The combined capital cost of these projects
will be less than £0.1m, with completion expected in the third
quarter of the financial year.
In view of encouraging trading to date, and the
fresh approach to growing the business under new management, the
Board believes that Hardide remains on track to deliver
expectations for full year performance.
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For
further information:
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Hardide plc
Matt Hamblin (CEO)
Simon Hallam (Finance
Director)
Andrew Magson (Non-Executive
Chair)
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Tel: +44
(0) 1869 353 830
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Cavendish Capital Markets Ltd - Nominated Adviser and
Broker
Henrik Persson / Elysia Bough
(Corporate Finance)
Jasper Berry / Dale Bellis
(Sales)
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Tel: +44
(0) 2072 200 500
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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 as well as a reduced carbon footprint.
Customers include leading companies operating in the energy
sectors, valve and pump manufacturing, industrial gas turbine,
precision engineering and aerospace industries.
