Hardide PLC AGM Statement
March 25 2024 - 3:00AM
RNS Regulatory News
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
Jackie Heddle, Communications
Manager
|
Tel: +44
(0) 1869 353 830
|
IFC
Advisory
Graham Herring / Florence
Chandler
|
Tel: +44
(0) 20 3934 6630
|
Cavendish Capital Markets Ltd - Nominated Adviser and Joint
Broker
Henrik Persson/ Abigail
Kelly
|
Tel: +44
(0) 2072 200 500
|
Allenby Capital - Joint Broker
Tony Quirke/ Joscelin Pinnington -
Sales and Corporate Broking
Jeremy Porter/ Dan Dearden-Williams
- 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 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.
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END
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