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LONDON (Alliance News) - Hardide PLC Chairman Robert Goddard Monday said the company is turning trials and projects into regular business, including a number that have the potential to significantly boost revenues in the near term.
In a statement ahead of the coatings company's annual general meeting, Goddard said sales activity has increased following further investments, with the number of active accounts rising to 47, from 38 at the end of 2013. Sales of the new coatings for oil and gas tools developed with the a grant from the Technology Strategy Board grant are also continuing to grow, he said.
"The Group is also working to increase market penetration and diversity and thereby reduce its dependence on a small number of customers. Combined with investment in sales and marketing this has resulted in nine new projects being worked on since the year end and receipt of the first order from Italy," Goddard will tell shareholders.
"We are also in discussions concerning potential new supply agreements which would be contributors to this year's performance," he added.
Hardide shares last traded at 1.125 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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