Last checked at 18 Oct 2016 07:00
18 October 2016 |
Hardide plc
("Hardide" or "the Group" or "the Company")
Pre-close Trading Update
Hardide plc, the provider of advanced surface coating technology, announces the following pre-close trading update ahead of the publication of its preliminary results for the year ending 30 September 2016.
The Company expects to report preliminary year-end results that are in line with current market expectations with H2 seeing an improvement over H1, as projected at the time of the interim results. There are signs of a slow recovery from oil and gas markets, both from existing customers and from new opportunities. Our progress towards gaining aerospace business following Airbus technical approval is on-track and is looking positive across a range of applications for Airbus and other customers.
Our new US coatings facility in Virginia has achieved the required major customer approvals after extensive verification trials and is now regularly producing revenue.
The recent successful fundraising totalling £1.6m will enable the Company to progress with its plans for future developments and growth.
The Board expects to release preliminary results on 12 December 2016.
For further information: | |
Hardide plc Philip Kirkham, CEO Jackie Robinson, Communications Manager | Tel: +44 (0) 1869 353830 |
finnCap Stuart Andrews/Grant Bergman/ James Thomson |
Tel: +44 (0)20 7220 0500 |
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.