LONDON (Alliance News) - Surface coating technology provider Hardide PLC said it is confident about the medium and long-term prospects of the company, ahead of its annual general meeting on Monday.
Hardide said it has continued to make good progress in diversifying its customer base, but acknowledged that demand from the upstream oil and gas market is "very subdued".
It added its new US facility in Martinsville, Virginia is fully operational and "producing good quality coatings on customer parts for verification and life testing". Full-scale production is due to commence early in the second quarter 2016.
"The board continues to monitor the oil and gas markets closely and is keeping the company's cost base under tight control. Half-year results are expected to be published in late May when there will be a further update on trading," Chairman Robert Goddard said in a statement.
Shares in Hardide were untraded on Monday morning, last quoted at 0.910 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Hardide (HDD)