Hardide shares up as interim loss narrows, revenue climbs comfortably
Hardide PLC on Tuesday reported a considerably decreased interim loss amid revenue growth driven by demand from the aerospace sector.
The Bicester, England-based provider of advanced surface coating technology said pretax loss narrowed to £65,000 in the six months to March 31, from £957,000 a year prior.
Hardide shares jumped 16% to 7.85 pence each late on Tuesday morning in London.
Revenue climbed 32% to £2.8 million from £2.1 million. Hardide said the main driver of revenue growth was demand from the aerospace sector, adding that demand from the energy sector ‘improved markedly’.
Further, Hardide said Industrial revenue was a bit subdued amid short-term inventory management by some customers around their financial year ends. However, the firm noted improved demand schedules for its second financial half from the same customers.
Administrative costs came down 18% to £1.1 million from £1.4 million.
Chair Andrew Magson said: ‘I am very pleased to report another period of encouraging commercial and financial progress. Whilst mindful of the uncertain global trading environment and Hardide’s usual limited order book visibility, we are on track to deliver against our expectations of performance for the full year.
‘More broadly the board remains focused on its strategy of building value by accelerating the growth in the business to utilise significant spare capacity over the next few years.’
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