Last checked at 30 Sep 2011 07:00
Press Release | 30 September 2011 |
Hardide plc
("Hardide" or "the Group")
Pre-Close Update for the year ending 30 September 2011
Hardide plc (AIM:HDD), the provider of unique metal surface engineering technology, is pleased to give the following update ahead of its preliminary results for the year ending 30 September 2011.
Sales are expected to be some 10% ahead of last year and this should enable the Group to report a modest profit at the EBIDTA level (before accounting for severance costs) for the six months ending 30 September 2011. This is despite deliberate increases in spend on market development. At the same time, other overheads have been well contained. The pipeline of projects has developed well over recent months and this is seen as a good indicator of future sales.
The Group is continuing its approvals test programme with Airbus, the leading aircraft manufacturer. The test results to date are encouraging and indicate that there could be a wider range of general applications for Hardide than exclusively as a replacement for hard chrome. For environmental reasons, hard chrome is being phased out in Europe and the USA under REACH1 and OSHA2 regulations respectively. These standards will also apply to other industries where Hardide offers a suitable alternative to hard chrome. Once further tests by Airbus are completed successfully, the way will be open to begin testing of Hardide coated components for use on Airbus aircraft.
REACH1: Registration, Evaluation, Authorisation and restriction of CHemicals
OSHA2: Occupational, Safety & Health Administration
Ends
For further information:
Hardide plc | |
Robert Goddard, Chairman Jackie Robinson, Corporate Communications jrobinson@hardide.com
| Tel: +44 (0) 1869 353830 www.hardide.com
|
Seymour Pierce Limited | |
Guy Peters guypeters@seymourpierce.com
| Tel: +44 (0) 20 7107 8000 www.seymourpierce.com
|
Note to editors
Hardide Coatings
Hardide develops, manufactures and applies tungsten carbide-based coatings to a wide range of engineering components. The Group's patented technology is unique in that it combines abrasion, erosion and corrosion resistant properties in one coating. When applied to metal components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life. Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.