Hardide PLC AGM Statement (1754F)
February 19 2018 - 2:00AM
UK Regulatory
TIDMHDD
RNS Number : 1754F
Hardide PLC
19 February 2018
Press Release 19 February 2018
Hardide plc
("Hardide" or "the Group" or "the Company")
AGM STATEMENT
At the Annual General Meeting of Hardide plc (AIM: HDD) to be
held today at 11:30am, Robert Goddard, Chairman of the Company,
will make the following statement:
"The Company continues to trade in line with our
expectations.
"The positive trend in the underlying oil and gas market
conditions experienced in FY2016-17 has been maintained through the
current trading period and Hardide continues to see an upturn in
activity. The two recently-announced international framework supply
agreements, one with a major international oil and gas operator,
the other with a global developer and provider of completion
technology are progressing well with one moving into regular
production and the other in development phase.
"Multiple aerospace applications continue in development and
testing across a range of customers in the UK, Europe and North
America. Considerable detailed work is underway with the
engineering teams at Airbus and a number of parts are currently
either in testing or in the sample preparation phase. In addition
to the civil aerospace sector, tests have started on parts with two
new prospective customers in the defence sector. The Board remains
confident that production orders will result from this work and
will keep the market updated as appropriate.
"We are seeing regular demand for our coatings from the
manufacturer of advanced X-ray baggage-scanners and this customer
expects to increase production further this year. We are working
with Royal Mail on two further new applications after solving a
wear problem that saw Hardide-coated deflector blades fitted onto
every letter sorting machine in the UK in time for Christmas
2017.
"The Hardide facility in the US is performing very well and
producing excellent quality product. It is currently undergoing the
AS9100 aerospace audit which is on-track to be completed by
mid-2018. The order has been placed for a third reactor at
Martinsville and this is expected to be operational later this
year.
"Half year results are expected to be published on 14 May
2018."
Enquiries:
Hardide plc Tel: +44 (0)
Robert Goddard, Non-Executive 1869 353830
Chairman
Philip Kirkham, CEO
Jackie Robinson, Communications
Manager
IFC Advisory Tel: +44 (0)
Graham Herring / Heather Armstrong 20 3934 6630
/ Florence Chandler
finnCap Tel: +44 (0)
Henrik Persson / James Thompson 20 7220 0500
/ Alex Price
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology
tungsten-carbide 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. Customers include leading companies
operating in oil and gas exploration and production, valve and pump
manufacturing, precision engineering and aerospace industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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