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Hardide Plc

Hardide plc delivers strong first half results, revenue up 43%, gross profit up 67%

Commenting on the interim results, Robert Goddard, Chairman of Hardide plc, said: “The Group has delivered a strong first half with growth in sales to flow control and precision engineering customers alongside improving demand from the oil and gas sector. Trials and new commercial discussions continue to make good progress with our aerospace customers and the Board remains confident in its expectation of new aerospace business in the near future. The Board is pleased with the Group’s performance in the first half, is confident of the outlook for the second half and expects the trading performance for the full financial year to be in line with market expectations.”

Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, today announced its results for the six-month period ended 31 March 2018.

Financial Highlights

   --     Revenue up by 43% to GBP2.16m (H1 2017: GBP1.51m) 
--     Gross profit up 67% to GBP1.15m (H1 2017: GBP0.69m) 
--     Group operating loss reduced to GBP0.32m (H1 2017: GBP0.69m loss) 
--     EBITDA improved by GBP0.29m to a loss of GBP0.14m (H1 2017: loss of GBP0.43m) 
--     Successful fundraising of GBP2.54m (before expenses) 
--     Cash at bank at 31 March 2018 of GBP3.23m (GBP1.56m at 31 March 2017)

Operational Highlights

   --     Recovery in demand from the oil and gas sector has been maintained 
-     sales from this sector rose 54% compared with H1 2017 and 20% compared with H2 2017 
-     volume sales commenced from the first of the two new supply major agreements 
--     Sales to flow control and precision engineering customers ahead of both H1 and H2 2017

— Good progress made with Airbus engineering teams on pre-production parts as a prelude to securing contracts

   --     US facility in Virginia continues to perform well - new reactor due for delivery in H2 2018

— First volume production orders received from the new supply agreement with a manufacturer of land-based drilling and production tools

   --     Accreditation of the US site to the aerospace quality management system AS9100 is on-track

— Appointment of two new Non-Executive Directors with extensive aerospace and strategic experience

Post Period

   --     Nadcap annual audit successfully completed at Bicester site

– Nadcap is the world’s leading independent certification program for special processes within the aerospace and defence industry.

— First volume production orders received from the new supply agreement with a North American based, major international operator in the oil and gas sector

 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.