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LONDON (Alliance News) - Surface coating technology provider Hardide PLC on Monday reported a significantly wider loss for the year to the end of March as the downturn in the oil and gas industry halved its revenue.
Hardide said it made a pretax loss of GBP624,000 for the year to March 31, compared to a GBP68,000 loss a year earlier. Revenue declined to GBP949,000 from GBP1.8 million.
The group had warned on its annual results in March, saying the weakness in oil and gas markets had hit demand for its products.
The company said it is cutting costs in order to mitigate the effect of the oil and gas downturn and said it has made progress in its advanced engineering and aerospace sales.
However, it remains cautious on its near term outlook given the ongoing challenges in the oil and gas industry, though it does expect a better performance in the second half of its current financial year.
Still, Chairman Robert Goddard said Hardide was considering "potential funding options for the business as a precautionary measure" given the ongoing pressures it faces.
Shares in Hardide were untraded shortly after market open Monday morning. They last closed at 0.836 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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