Last checked at 22 Jan 2009 15:30
| Press Release | 22 January 2009 |
Hardide plc
("Hardide" or the "Group")
Trading Update
Hardide plc (AIM:HDD), the provider of unique metal surface engineering technology, gives the following trading update.
The Group has recently had discussions with a number of its customers in the UK and US to ascertain the effects of the current global economic outlook on their production and resultant demand for Hardide's product. A number of Hardide's customers' markets, particularly in the oil and gas, automotive and construction industries, have softened to an extent that is likely to result in decreased orders for Hardide's product and lead to results in the current financial year being below current market expectations. The Group is seeking firmer forecasts from these customers and a further announcement will be made when these are available in sufficient detail. This is expected to be in February 2009.
It is important to note that there has been no reduction in sales as a result of customer dissatisfaction with Hardide or its coating technology. Results from recent new application development projects give the Board reason for optimism about longer term product sales in new markets, as well as continued growth in current markets.
The Group met its first quarter forecast for the financial year ended 30 September 2009.
Commenting on the announcement, Graham Hine, Chief Executive Officer of Hardide plc said: "We are facing a situation that is common to many manufacturing and engineering companies at present, and we will now need to take steps to deal with the reduction in sales. We continue to make encouraging progress in developing applications for Hardide both in current and new markets."
- Ends -
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 | Tel: +44 (0) 20 7398 7708 |
| chris.lane@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range of engineering components. The Group's patented technology provides a unique combination of ultra-hardness, toughness, low friction and chemical resistance in one coating. When applied to 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.