Hardide (HDD)

Sector:

Industrial Chemicals

Index:

FTSE AIM All-Share

 27.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 40.20
  • 52 Week Low: 27.30
  • Currency: UK Pounds
  • Shares Issued: 55.88m
  • Volume: 3,644
  • Market Cap: £15.37m
  • RiskGrade: 249

Hardide set to end year in line with expectations

By Josh White

Date: Wednesday 23 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Surface coating technology company Hardide said on Wednesday that it was expecting to report revenues of £4.7m for the year ending 30 June, and an EBITDA loss of £0.5m.
The AIM-traded firm said that was in line with its trading update on 16 July.

Cash at bank was expected to be £2.7m, with capital commitments of £0.5m remaining to fully complete its investment in its UK site relocation.

Hardide said production had continued uninterrupted at both the UK and US sites throughout the Covid-19 pandemic, with "significant emphasis" being placed on health and safety measures to protect staff and contractors.

"The relocation of the business to the new site at Longlands Road, Bicester is now complete, on schedule and at projected cost," the board said in its statement.

"After delays due to travel restrictions, the large reactor has now been installed and commissioned, which completes the installation of all new equipment at the facility.

"This reactor, together with the new large pre-treatment line, increases considerably the size range of components that can be coated."

One Airbus-approved reactor was still operational at the Wedgwood Road site, which would remain in place until the Longlands Road site was fully approved by Airbus.

In addition to the developments in the UK, a fourth reactor was installed at the Martinsville, Virginia facility, making a total of nine reactors in the group.

"The extensive process of Airbus' qualification for the new site is progressing well, and on schedule to be completed in early 2021," the board said.

"Orders are now starting to be received for the Airbus components that have been approved previously and shortly further parts are due to be approved by Airbus."

The group had previously reported an impact on its current-year revenue from a delay in receiving a major oil and gas project order caused by the Covid-19 pandemic.

On Wednesday, it said the order had now been received, and would give a positive start to the first quarter of the new financial year.

"Generally, there has been a reduction in demand from oil and gas customers in this current second half as the global economy has slowed.

"However, it is pleasing that demand from customers in flow control and precision engineering has not been significantly affected."

Multiple test programmes for new applications were progressing strongly, the directors explained, with customers in various sectors presenting "encouraging prospects" for new business in the 2021 financial year.

"Looking beyond the disruption of the present Covid-19 pandemic, the board of Hardide believes there are strong grounds for expecting a return to increasing demand and remain positive about the longer-term growth of the company."

Hardide said it expected to report its preliminary results for the year ending 30 September on around 7 December.

At 1056 BST, shares in Hardide were up 15.81% at 24.9p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Hardide Market Data

Currency UK Pounds
Share Price 27.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 40.20
52 Week Low 27.30
Volume 3,644
Shares Issued 55.88m
Market Cap £15.37m
RiskGrade 249

Hardide Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
6.25% above the market average6.25% above the market average6.25% above the market average6.25% above the market average6.25% above the market average
Sector averageSector averageSector averageSector averageSector average
Price Trend
64.15% below the market average64.15% below the market average64.15% below the market average64.15% below the market average64.15% below the market average
47.37% below the sector average47.37% below the sector average47.37% below the sector average47.37% below the sector average47.37% below the sector average
Income Not Available
Growth
45.97% below the market average45.97% below the market average45.97% below the market average45.97% below the market average45.97% below the market average
55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average

Hardide Dividends

No dividends found

Trades for 20-May-2022

Time Volume / Share Price
09:14 3,644 @ 27.30p

Hardide Key Personnel

Chair Robert Goddard
CEO Philip Kirkham
Finance Director Simon Hallam

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