Hardide slashes loss

Metal surface coatings technology developer Hardide has reduced its full year loss through a combination of higher revenues and lower costs. Revenues improved from £1.21m to £1.74m in the year to September 2010, while the reported loss declined from £1.82m to £507,000. Overheads were reduced by 30% and there were lower asset write-offs. The UK subsidiary managed to report an initial profit of £378,000 but the US operation still lost money. A Houston-based business development representative has been appointed to speed up US growth. Manufacturing has been stopped in the US and the building sub-let. It won't be re-opened until demand is at an economically viable level. Capital investment will be required if it reopens. New customers and new products helped revenues to grow. Flow control and oil and gas businesses have been added to the customer base. Markets appear to be improving but uncertainties remain. Development projects in aerospace and industrial diamonds are making progress. There was a further cash outflow in the period. Net debt was £320,000 at the end of September 2010. Hardide