Hardide hails first-half sales growth, optimistic for full year

(Alliance News) - Hardide PLC on Tuesday said it expected to meet upgraded full-year expectations, following significant sales growth in its first half.

The Bicester, England-based surface treatment technology firm estimated that revenue for the six months ending March 31 had reached GBP4.5 million, up roughly 61% from GBP2.8 million on-year.

Hardide's earnings before interest, tax, depreciation and amortisation multiplied to GBP1.3 million in the first half from GBP390,000, for an operating margin of about 20%.

According to the firm, improvement was fuelled by "a series of contract wins, including new production work secured earlier in the year from a major energy sector customer in North America." (In December, it had reported a GBP1.8 million order from a new North American customer.) Hardide on Tuesday added that it is working on a framework agreement with the customer, for whom it intends to remain a supplier beyond financial 2026.

Having secured an aerospace contract back in December, Hardide said it is now coating cargo door components for freight aircraft, which it expects will boost earnings in the second half.

"In parallel, Hardide recently received its first repeat order to coat turbine blades for the power generation sector, following successful field trials, with delivery scheduled for H2 FY26," the company noted.

It is also doing "preliminary work for a major new energy sector customer in the Middle East, which may result in initial production orders later in the year."

"The board continues to monitor developments in the region and has not observed any material disruption to this work. Hardide does not currently generate any production revenues in the Middle East, and the group's energy costs remain modest, at around 3% of revenues, with roughly half fixed through to the end of the calendar year," Hardide stressed.

"In view of continued strong trading and the promising growth opportunities outlined above, the board believes the group is well positioned to deliver on its recently upgraded full-year performance expectations," it added.

Back in October, Hardide had guided for a material improvement in annual Ebitda, which totalled GBP1 million in financial 2025, compared to the previous year's break-even. At the time, it said its focus remained on the medium-term target of doubling revenues from 2024 levels to "at least" GBP10 million over "the next few years".

Hardide shares rose 9.0% to 34.89 pence on Tuesday afternoon in London.

By Holly Munks, Alliance News reporter

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