LONDON (Alliance News) - Hardide PLC said Monday that new contracts due to upturn in the oil and gas sector resulted in a 42% increase in revenue and sharply narrowed pretax loss for 2018 financial year.
Shares in the company were up 9.4% at 1.45 pence each in morning trade.
The provider of wear and erosion resistant coating technology recorded a pretax loss of GBP913,000 for the year ended September 30, compared with a pretax loss of GBP1.24 million in the year ago period, on a revenue of GBP4.6 million and GBP3.2 million, respectively.
The company said sales increased across all geographies but was particularly marked in North America, where an 84% uplift from last year was achieved.
Administrative costs for the financial year increased to GBP2.7 million from GBP2.3 million as the company continued to invest in marketing, business development resource, research and development and information technology. Depreciation and amortisation expenses for the financial year fell to GBP373,000 from GBP503,000 as some of the company's equipment became fully written-down.
Hardide remains confident of further improvements in performance in 2019 financial year, supported by increase in oil and gas activity, strong sales pipeline in the UK and North America and progress in test programmes for new applications.
Hardide (HDD)