Hardide plc (LON:HDD), the provider of advanced surface coating technology, has provided a trading update for its financial year ended 30 September 2026.
Revenues for the year more than doubled to £13.5m (FY25: £6.0m). EBITDA is expected to be £5.8m (FY25: £1.0m) and profit before tax £4.9m (FY25: £0.2m), both ahead of market expectations*, as a result of improved cost management and continuous improvement initiatives.
Trading momentum continues to be strong. Final quarter revenues were £4.6m, generating EBITDA of approximately £1.9m. We successfully delivered the first shipments of coatings for a new generation of parts for our major North American customer, leading to a further US$1.9m sales order covering the period to November 2026, as announced on 14 September 2026.
The Group has also recently won further production work in the Aerospace sector, together with new customer wins in the Energy and Industrials sectors, all of which will contribute to revenues in FY27. Testing continues across a number of applications with a potential major energy sector customer in the Middle East, as well as customers in the Semi-Conductor sector, with results to date proving encouraging.
Gross cash at 30 September 2026 was £3.2m (30 September 2025: £0.7m). This was after making a £1.5m investment in working capital, both to support growth and to secure process gas supplies covering the majority of FY27’s anticipated requirements at known costs. In addition, a deposit of £0.7m has also been paid for coating reactors with a total expected cost of £3.5m which, as previously announced, is expected to double Hardide’s operational capacity to approximately £40m of annual sales. The new capacity is scheduled to come on stream during the second half of FY27.
The combination of strong current trading momentum and encouraging recent order intake underpins market expectations and positions Hardide for further significant growth in FY27, consistent with the Company’s strategic objective of more than doubling revenues again over the next two to three years.
* Hardide understands current market expectations for FY26 are revenue of £13.5m, EBITDA of £5.5m and. PBT of £4.6m. Market expectations for FY27 are for revenue of £18.8m, EBITDA of £8.0m and. PBT of £6.6m.
Annual results announcement
Hardide expects to announce its full audited annual results for FY26 on 10 December 2026.
All financial information relating to FY26 above is unaudited.
