Hardide Plc (LON:HDD), the developer and provider of advanced surface coating technology, has today given the following update on trading for the first six months of its current financial year to 30 September 2018.
Overall trading is firmly ahead of both H1 and H2 2017. Sales are more than 40% higher compared to H1 2017 and almost 25% higher compared to H2 2017. This is primarily due to increased demand from customers in the oil and gas sector, while sales to flow control and precision engineering customers are also ahead of both periods in the previous year.
The final £0.82m of the fundraising was received in February following HMRC advance assurance of EIS eligibility. The new coating reactor is currently being manufactured and is on schedule to be installed at Martinsville, Virginia in Autumn 2018. Various operational enhancements have also been completed at Bicester.
The Board of Hardide Plc expects the trading performance for the full financial year to be in line with market expectations.
Half year results are expected to be published on 14 May 2018.