Last checked at 1 Nov 2023 07:00
The information contained within this announcement is deemed by Hardide to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
1 November 2023
Hardide plc
("Hardide", "the Group" or "the Company")
Board changes
Hardide plc, the provider of advanced surface treatment solutions, announces that Philip Kirkham has notified the Board of his intention to step down as Chief Executive of the Company on or before 30 April 2024.
During his tenure of 11 years, Phil has led the development of the Hardide business including establishing the Group's two new production facilities in the UK and the USA and diversifying the customer base into the industrial, aerospace and power generation sectors, building on its original successes in oil and gas. Phil will leave a well invested and professional business that provides an excellent platform for future growth.
The process of recruiting a successor with experience in relevant sectors has commenced and further announcements will be made as appropriate.
The Group also announces the appointment of Matthew Hamblin to the Board as an independent Non-Executive Director with immediate effect. Matt will also become a member of the Remuneration & Nomination Committee and the Audit Committee. Until recently he was Chief Executive Officer at Keronite, an advanced coatings and surface treatment company, where he led its growth into profitability and its subsequent sale to the Curtiss-Wright Corporation in November 2022. Matt has prior experience in a variety of sales and commercial leadership roles and has recently worked with Hardide as an external consultant to identify opportunities and initiatives for accelerating revenue growth, a number of which are already being implemented. He is currently Commercial Vice President of Nyobolt, a high-performance battery and charging technology company.
Further information with regard to Matthew Hamblin, as required by Schedule 2(g) of the AIM Rules for Companies, is set out below.
Andrew Magson, Non-Executive Chair, commented:
"The Board and all at Hardide are hugely indebted to Phil Kirkham for his leadership of the Group for over 11 years and his key role in building the business and platform for growth that we have today. We look forward to continuing to work with Phil in the coming months as we manage the succession to a new CEO. We wish Phil well for the future.
"The Group continues to advance its strategy of becoming a sales focused and commercially entrepreneurial business, to accelerate revenue growth and better utilise existing operational capacity. With the business now trading at around EBITDA break even, our aim is to leverage revenue growth to become net cash generative and earnings per share positive as soon as possible, building value for shareholders and other stakeholders.
"We are separately pleased to welcome Matt Hamblin to the Board and we look forward to the contribution that his experience in leading a similar business into profit and beyond through organic revenue growth can make to advancing our strategy."
Matthew Roger Hamblin (Age 49)
Current Directorships:
None.
Past Directorships in the last 5 years:
Keronite Group Limited.
Keronite International Limited.
Keronite Inc.
Matthew Hamblin does not own any ordinary shares or options over ordinary shares in the Company.
There is no further information on Matthew Hamblin required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.
Enquiries: | |
Hardide plc Andrew Magson, Non-Executive Chair Philip Kirkham, CEO Jackie Heddle, Communications Manager |
Tel: +44 (0) 1869 353 830 |
IFC Advisory Graham Herring Tim Metcalfe Florence Chandler |
Tel: +44 (0) 20 3934 6630 |
Cavendish Capital Markets Ltd - Nominated Adviser and Joint Broker Henrik Persson/ Abigail Kelly (Corporate Finance) Barney Hayward (ECM/Broking) |
Tel: +44 (0) 2072 200 500 |
Allenby Capital - Joint Broker Tony Quirke/ Joscelin Pinnington - Sales and Corporate Broking Jeremy Porter/ Dan Dearden-Williams - Corporate Finance
|
Tel: +44 (0) 20 3328 5656 |
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix 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 as well as a reduced carbon footprint. Customers include leading companies operating in the energy sectors, valve and pump manufacturing, industrial gas turbine, precision engineering and aerospace industries.