Hardide reports first half loss

Hardide, which provides advanced surface coating technology, reported a first half loss as turnover fell.The company posted an interim loss of £0.1m in the six months ended March 31st, compared to a profit of £0.2m in 2012.Turnover dropped by 18% to £1.26m from £1.54m, as a result of a major inventory adjustment by a dominant customer.Gross profit decreased by 23% to £0.85m from £1.12m."Our 2013 half year results have been weakened primarily by a rapid inventory reduction exercise by one major customer," said Robert Goddard. "This has resulted in what is expected to be a short term dip in demand and projected to be resolved by the end of 2013. The company is achieving positive developments technically and with other customers. So, while this set back is disappointing, the confidence of the board remains high."Shares dipped 4.08% to 1.18p at 09:44 Tuesday.RD Hardide