REG - Hardide PLC - AGM Statement

HardideAnnouncement

25/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240325:nRSY0259Ia&default-theme=true

RNS Number : 0259I  Hardide PLC  25 March 2024

25 March 2024

 

Hardide plc

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

 

AGM Statement

 

Hardide plc (AIM: HDD), the developer and provider of advanced surface coating
technology, will be holding its Annual General Meeting at 11:30am today, at
which the Chair will provide the following update on trading in the financial
year to date.

 

Hardide expects to report revenues for the first half of the financial year
(H1 FY24) of circa £2m, compared with £2.9m in the equivalent prior year
period.

 

As reported in our annual results announcement on 8 February 2024, this
reflects a slower than expected start to the financial year, as certain
customers reduced their inventory holdings. Hardide's trading momentum has
since improved, but has not advanced beyond prior year levels.

 

We anticipate a stronger second half as order patterns from major OEM
customers normalise, supplemented by ongoing sales growth into aerospace
markets and initial sales of industrial consumable spares product sold
directly to end user customers.

 

Further action is being taken to further reduce costs and improve revenues and
margins in order to underpin existing expectations for an EBITDA positive
performance for FY24.

 

We are very grateful for the support of new and existing investors in our
recent capital raise to help enable us to deliver on our strategy.

 

 Enquiries:
 Hardide plc

 Andrew Magson, Non-Executive Chair                                   Tel: +44 (0) 1869 353 830

 Jackie Heddle, Communications Manager

 IFC Advisory                                                         Tel: +44 (0) 20 3934 6630

 Graham Herring / Florence Chandler

 Cavendish Capital Markets Ltd - Nominated Adviser and Joint Broker   Tel: +44 (0) 2072 200 500

 Henrik Persson/ Abigail Kelly

 Allenby Capital - Joint Broker

 Tony Quirke/ Joscelin Pinnington - Sales and Corporate Broking       Tel: +44 (0) 20 3328 5656

 Jeremy Porter/ Dan Dearden-Williams - Corporate Finance

Notes to editors:

www.hardide.com (http://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 as well as a reduced carbon footprint.
Customers include leading companies operating in the energy sectors, valve and
pump manufacturing, industrial gas turbine, precision engineering and
aerospace industries.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMFLFSEVLIFFIS