Hardide PLC Year End Trading Update (4275Q)
October 18 2023 - 1:00AM
UK Regulatory
TIDMHDD
RNS Number : 4275Q
Hardide PLC
18 October 2023
The information contained within this announcement is deemed by
Hardide to constitute inside information pursuant to Article 7 of
EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
18 October 2023
Hardide plc
("Hardide", "the Group" or "the Company")
Year End Trading Update
Hardide plc (AIM: HDD), the provider of advanced surface coating
technology, is pleased to provide an update on trading for the
financial year ended 30 September 2023 ("FY23").
The Group expects to report revenues for FY23 of GBP5.5 million
and EBITDA close to break even, representing revenue growth of 10%
and a significant improvement on the EBITDA loss of GBP0.9 million
in the prior financial year. The Group's cash balance as at 30
September 2023 was GBP0.7 million, similar to both 31 March 2023
and 30 September 2022.
The Board is pleased that these results demonstrate the success
of initiatives announced in December 2022 to focus on profit and
working capital improvement initiatives. The benefit of these in
the financial year amounted to GBP0.7 million, double initial
expectations.
The Board is determined to accelerate revenue growth from
business development, sales, marketing and other commercial
initiatives without compromising its disciplined approach to costs
and working capital management. This will allow existing production
capacity to be better utilised and support the business in becoming
cash generative and then earnings per share positive, in line with
the strategy set out in February 2023.
The Group is encouraged for the new financial year by sales to
the aerospace sector beginning to increase in the final quarter of
FY23, with regular orders now being received and customer schedules
showing further growth through 2024 and into early 2025 for the
coating of existing and new components. The Group also continues to
anticipate repeat orders for coating gas turbine compressor blades
in FY24, originally anticipated in FY23, and has near-term business
development opportunities more generally in the gas and steam
turbine markets, with trials under way.
The Board therefore expects the Group to deliver further growth
in line with its strategy during this new financial year, moving
the Group into EBITDA positive territory.
Note: The figures for FY23 provided above are unaudited. Hardide
expects to announce full audited results in early February
2024.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Joint
Broker has changed its name to Cavendish Capital Markets Limited
following completion of its own corporate merger.
Enquiries:
Hardide plc
Andrew Magson, Chair Tel: +44 (0) 1869 353
Philip Kirkham, CEO 830
Jackie Heddle, Communications Manager
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring 6630
Tim Metcalfe
Florence Chandler
Cavendish Capital Markets Ltd - Nominated Tel: +44 (0) 2072 200
Adviser and Joint Broker 500
Henrik Persson/ Abigail Kelly (Corporate Finance)
Barney Hayward (ECM/Broking)
Allenby Capital - Joint Broker Tel: +44 (0) 20 3328
Tony Quirke/ Joscelin Pinnington - Sales and 5656
Corporate Broking
Jeremy Porter/ Dan Dearden-Williams - Corporate
Finance
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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