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LONDON (Alliance News) - Surface coating technology provider Hardide PLC on Tuesday said its results for the full year are set to miss market expectations due to weakness in oil and gas markets.
The downturn in the oil and gas sector, where the collapse in the oil price has forced project delays and cancellations along with widespread spending cuts, has hit customer demand for Hardide's products.
The group said trading for the full year will be below market expectations, with a heavy weighting to the second half based on the anticipated phasing of orders.
Still, Hardide said it has maintained pricing amid the downturn and remains encouraged by its product pipeline.
Shares in the company were down 8.6% to 0.800 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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