Last checked at 2 Oct 2008 07:00
| Press Release | 2 October 2008 |
Hardide plc
("Hardide" or "the Group")
Pre-Close Trading Update
Hardide plc (AIM:HDD), the provider of unique metal surface engineering technology, is pleased to provide the following pre-close trading update as it enters its close period for the year ending 30 September 2008.
Overall trading in the period ending 30 September 2008 has been in line with market expectations and the Group remains positive on the outlook for the future. Orders are returning to previous levels following the unexpected reduction in demand from a major UK customer. The Group is at an advanced stage of testing with two of its global customers for potentially high volume orders to utilise Hardide's technology across further product lines. The coatings approval test programme with Airbus continues to progress.
Commenting on the announcement, Dr Graham Hine, Chief Executive of Hardide plc, said: "I am pleased to announce that the implementation of the new strategy is progressing to plan. We have successfully focused on increasing cash generation in the UK, cutting discretionary and capital expenditure, and aggressively pursuing a disciplined approach to sales and new applications development. The UK operation is on track to sustained profitability and we remain optimistic about future prospects for Hardide in the US."
For further information:
| Hardide plc | |
| Dr Graham Hine, Chief Executive Jackie Robinson, Head of Communications | Tel: +44 (0) 1869 353 830 |
| www.hardide.com |
| Seymour Pierce Limited | |
| Nicola Marrin | Tel: +44 (0) 20 7107 8000 |
| www.seymourpierce.com |
Media enquiries:
| Abchurch | |
| Chris Lane / George Parker | Tel: +44 (0) 20 7398 7719 |
| george.parker@abchurch-group.com | www.abchurch-group.com |
Hardide Coatings
Hardide provides and applies tungsten carbide-based coatings to a wide range of engineering components. The Company's patented technology is unique in that it combines both abrasion and corrosion resistant properties in one coating. When applied to components, the technology is proven to offer dramatic cost savings through reduced downtime and extended component life. Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.