Hardide PLC Trading update (3920S)
July 14 2022 - 2:00AM
UK Regulatory
TIDMHDD
RNS Number : 3920S
Hardide PLC
14 July 2022
14 July 2022
Hardide plc
("Hardide", "the Group" or "the Company")
Trading update
Hardide plc (AIM: HDD), the developer and provider of advanced
surface coating technology, is pleased to provide an update on
trading for the third quarter of the financial year to 30 September
2022 and year to date.
The improvements across the Company's key markets reported in
the Company's results for the first half have continued in line
with the Board's expectations although, in recent weeks, there has
been increased volatility emerging in demand driven by lengthened
raw material lead times for customers, and certain project revenues
scheduled for the final quarter may now be recognised in the next
financial year starting 1 October 2022. Revenues for the year to 30
September 2022 are expected to be broadly in line with the Board's
expectations albeit with a slightly wider range of possible
outcomes, which will also be reflected at the EBITDA level.
The Group had GBP0.8m of cash at 30 June 2022 (31 March 2022:
GBP0.9m) and continues to maintain strict cost and investment
discipline. However, the Board is mindful that the Group is exposed
increasingly to an extended period between purchasing key raw
materials and receiving payment from customers. As previously
stated, the Group is exploring financing options to support its
near-term working capital requirements in addition to potential
investment in equipment.
The Board maintains a positive outlook for the business beyond
the near term as supply chains and markets continue their recovery
and developments currently under way become realised. The Company
sees clear potential for the next financial year to show
considerable improvement on recent years.
Enquiries:
Hardide plc
Robert Goddard, Non-Executive Chairman 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
finnCap - Nominated Adviser and Joint Broker Tel: +44 (0) 2072 200
Henrik Persson/ Abigail Kelly (Corporate 500
finance)
Richard Chambers (ECM)
Allenby Capital - Joint Broker Tel: +44 (0) 20 3328
Tony Quirke - Sales and Corporate Broking 5656
Jeremy Porter - 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. Customers
include leading companies operating in the energy sectors, valve
and pump manufacturing, industrial engineering and aerospace
industries.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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END
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