Last checked at 22 Feb 2016 07:00
22 February 2016
Hardide plc
("Hardide" or the "Company")
AGM Statement
At the Annual General Meeting of Hardide plc (AIM: HDD) to be held today at 11:30am, Robert Goddard, Chairman of the Company, will make the following statement:
"Hardide continues to make good progress in diversifying its customer base and thereby reducing reliance on a major customer and market sector. However, demand from the upstream oil & gas market is very subdued. The technical approval of the coating by Airbus, the recently-announced long-term supply contract for components for the revolutionary X-ray baggage scanner and other potentially high-value applications currently in test give the board confidence about the medium and long term prospects of the Company.
"The new US facility is fully operational and producing good quality coatings on customer parts for verification and life testing. Full-scale production is due to commence early in calendar Q2 2016. Additional employees have been hired to enable production levels of operation.
"The Board continues to monitor the oil & gas markets closely and is keeping the Company's cost base under tight control.
"Half year results are expected to be published in late May when there will be a further update on trading."
ENDS
For further information:
Hardide plc |
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Philip Kirkham, CEO Jackie Robinson, Communications Manager | Tel: +44 (0) 1869 353 830
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finnCap Stuart Andrews / Grant Bergman |
Tel: +44 (0)20 7220 0500
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Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, nuclear, advanced engineering and aerospace industries.