Member Info for Adastra

Agreed. All ZTF trading updates have been at 7am so I'd suggest you either reread your correspondence or re e-mail CFO and see what his 'quick' response is..

Would have been sensible for CFO to schedule the t/u with LSE so it could be added to list of companies giving updates, interims and finals.

Https://www.coatingsworld.com/contents/view_online-exclusives/2023-10-03/corrosion-control-is-hardide-coatings-specialty/

The compelling case for Hardide is detailed here:

https://hardide.com/power-generation/

Cost savings are huge, documented and obvious.

General Electric are also trialling.

Be good to see traction on projects and forecast for 2024.

We’ve already successfully coated blades for Ansaldo Energia’s gas turbines and we’ve been working recently closely with a much larger global manufacturer of gas turbines for coating the vanes where we are expecting our first order in the next few months. Trials are also underway with other gas turbine manufacturers and we expect these to develop into revenue over the next year or so.

Intrinsic value here with sticky Airbus contracts and pipeline projects is worth substantially above £7m MCap.

Green industry being overlooked. A single order confirmation trigger here from this level will prompt rerate.

Phil Kirkham is standing down as CEO after building the company from expensive R&D to current profitable operation with scale. At 71yrs old I think the CEO is now happy that Hardide is cash generative and can hand it on to a successor. Good job well done in a sector where product acceptance and validation is protracted giving high barriers to entry. He leaves at an inflection point for Hardide as hard chrome plating is phased out due to toxicity leaving the gates open for Hardide etc. Airbus has opened the door to volume from June this year and several pilot contracts with tier 1 companies wait in the wings. A job well done and Hardide have up to 6 months to find a competent and proactive successor.

Just too cheap given tech and coverage.

Confirmation of a large project order for the coating of turbine blades should be announced in the very near term. Also, given that Hardide is now ramping up the coating of Airbus parts (started end June this year) and has won the supply of coated parts to same from a hard chrome competitor there should be news of an aerospace uptick. All this at a time of maximum vulnerability to an opportunistic approach by the like of Gardner Aerospace, BAe, Leonardo McClaren...... adds interesting perspective. Very much undervalued for a disruptive patented tech.

Why Gardner, Airbus, Weir or a vast number of other aero/petro engineers hasn't pounced on Hardide is beyond belief.. Patience as the tech and current contracts are worth a lot more than the MCap. The turbine and industry trials are in for free and could land anytime. Dream on if you think this will drop further.....

This is as cheap as chips just for the Airbus contracts alone as the barriers to entry and length of time for accreditation are huge. Hardide has crossed both hurdles as chrome is phased out by regulation.

Oh ye of little faith..... this has multibag written aĺ over it. Provenance, IP, big historic capex now bearing fruit, pivot point to cash positive with traction. Hard chrome is history and Hardide is in the convincing sweet spot. Next step will be director purchases, then contract news or t/o.

As Alliance so succinctly puts it.....

Hardide shares fall despite eyeing improved annual results

The two are clearly at odds leaving plenty of room for substantial upside.

Had the expected wind turbine order fallen in the current year as anticipated, figures would have been significantly higher and your objectives would have been met. At least the BoD don't overpromise and underachieve. Confirmation of that order in the very near future should provide the stimulus to rerate the MCap to a sensible level.

Crazy MCap and almost back to my buy in price. This is a s reaming add-on for so many bigger suitors as the cash starts to flow from years of R&D losses....a peach to be picked. 25-30p would be a cheap buy out price before a sensible rebate precludes it.

Why on earth doesn't the hard chrome company that lost its Airbus orders to Hardide not buy Hardide, or Airbus or many others......just a matter of patience. The only way from here is up...

The growth rate was softened by the delay of an expected large project order for the coating of turbine blades. This is now expected later in this calendar year.

From the interims, this order could drop anytime - that will trigger the bounce.....patience.

The fact that Hardide is now receiving regular orders from Airbus for the coating of parts previously supplied by a competitor using hard chrome is significant as the switch only happened at the end of H1. The key note in the t/u is that aerospace orders have indeed picked up in Q3. This is a significant milestone. The company was also expecting a follow on wind turbine contract to drop into this financial year and that will probably be the next value trigger when it crystallizes in the near future. The company is now extremely vulnerable to a predatory bid as it clearly transitions from testing with OEMs to contracts which have taken years to come to fruition. The future looks very good indeed from here as the accumulated IP starts to put cash in the kitty. Valuable contracts with tier one players should start to flow in the coming months and Hardide has plenty of headroom to accommodate growth without the need for capex.