(Alliance News) - Hardide PLC on Tuesday said its annual loss slimmed and added that it sees a path "towards profitability and cash generation".
The company also announced the resignation of its chair, who will leave once a replacement is found.
Boosted by a rising demand from the oil & gas sector, its pretax loss in the half-year ended March 31 narrowed to GBP771,000 from GBP1.4 million a year prior. The loss was still higher than the GBP347,000 the Oxfordshire-based advanced surface coating technology developer posted two years ago, however.
Revenue increased 50% to GBP2.7 million from GBP1.8 million a year ago, but down from GBP3.0 million two years ago.
The improvement in the firm's operating environment suggests a "clear trajectory towards profitability and cash generation," Hardide said.
Meanwhile, Non-Executive Chair Robert Goddard will resign once a successor has been found, the company announced.
"With the company now being on this firmer footing for the future, I have the confidence to step aside as chair," Goddard said.
Hardide shares were 3.3% lower at 29.50 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Hardide (HDD)