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Pin to quick picksHardide Regulatory News (HDD)

Share Price Information for Hardide (HDD)

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Trading update

14 Jul 2022 07:00

RNS Number : 3920S
Hardide PLC
14 July 2022
 

 

14 July 2022

 

Hardide plc

("Hardide", "the Group" or "the Company")

 

Trading update

 

Hardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to provide an update on trading for the third quarter of the financial year to 30 September 2022 and year to date.

 

The improvements across the Company's key markets reported in the Company's results for the first half have continued in line with the Board's expectations although, in recent weeks, there has been increased volatility emerging in demand driven by lengthened raw material lead times for customers, and certain project revenues scheduled for the final quarter may now be recognised in the next financial year starting 1 October 2022. Revenues for the year to 30 September 2022 are expected to be broadly in line with the Board's expectations albeit with a slightly wider range of possible outcomes, which will also be reflected at the EBITDA level.

 

The Group had £0.8m of cash at 30 June 2022 (31 March 2022: £0.9m) and continues to maintain strict cost and investment discipline. However, the Board is mindful that the Group is exposed increasingly to an extended period between purchasing key raw materials and receiving payment from customers. As previously stated, the Group is exploring financing options to support its near-term working capital requirements in addition to potential investment in equipment.

 

The Board maintains a positive outlook for the business beyond the near term as supply chains and markets continue their recovery and developments currently under way become realised. The Company sees clear potential for the next financial year to show considerable improvement on recent years.

 

 

Enquiries:

Hardide plc

Robert Goddard, Non-Executive Chairman

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

finnCap - Nominated Adviser and Joint Broker

Henrik Persson/ Abigail Kelly (Corporate finance)

Richard Chambers (ECM)

Tel: +44 (0) 2072 200 500

 

Allenby Capital - Joint Broker

Tony Quirke - Sales and Corporate Broking

Jeremy Porter - 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. Customers include leading companies operating in the energy sectors, valve and pump manufacturing, industrial engineering and aerospace industries.

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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Date   Source Headline
28th Apr 20067:01 amRNSChange of Adviser
21st Mar 20067:00 amRNSDirectorate Change
13th Mar 20067:00 amRNSTrading Update
28th Feb 20064:55 pmRNSAdditional Listing
21st Dec 200511:00 amRNSIssue of Equity
13th Dec 20057:00 amRNSFinal Results
9th Nov 20057:00 amRNSNotice of Results
28th Jun 20051:26 pmRNSInterim Results - Amendment
28th Jun 20057:00 amRNSInterim Results
21st Jun 20057:00 amRNSNotice of Results
21st Jun 20057:00 amRNSNotice of Results
25th Apr 20057:00 amRNSUS facility
11th Apr 200511:48 amRNSHolding in Company
4th Apr 20058:00 amRNSHardide joins AIM

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