(Alliance News) - Tungsten-carbide coating firm Hardide PLC said on Thursday it expects to report annual revenue ahead of expectations.
Early indications of strong demand across the company's target markets have continued, said Hardide, with sales to the company's major flow control customer in North America more than doubling.
In addition, large project-based orders have been received for an oil and gas operator and there have been increased sales to the precision engineering sector.
Accordingly, Hardide expects to report revenue of around GBP5.0 million for the financial year ending on Monday, ahead of expectations. Reflecting the sales mix and continued investment, earnings before interest, tax, depreciation and amortisation is seen in line with expectations.
"We are pleased to announce the second consecutive year of record sales revenue. Revenue for the second half year is expected to be approximately 13% ahead of the first half and the full year approximately 9% ahead of the last financial year," said Chief Executive Philip Kirkham.
He continued: "It is also pleasing that demand is spread across a continually broadening range of customers, sectors and applications. Demand remains strong and we are optimistic about further growth in the year ahead."
Shares in Hardide were up 2.3% at 74.155 pence in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
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Hardide (HDD)