REG - Hardide PLC - AGM Statement

HardideAnnouncement

23/03/2023 07:15

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RNS Number : 8921T  Hardide PLC  23 March 2023

23 March 2023

Hardide plc

("Hardide", "the Group" or "the Company")

 

 AGM Statement

Hardide plc (AIM: HDD) will be holding its Annual General Meeting at 10.30am
today, at which the Chair will provide the following update on trading to date
in its financial year ending 30 September 2023.

The Board reiterates its cautiously optimistic outlook set out in its recent
annual report.

Hardide is experiencing growth across its key markets of energy, aerospace and
industrial products, with first half sales (H1 FY23) expected to be ahead of
the same period last year (H1 FY22) by approximately 7%. Discussions with
customers allow the Board to expect that this momentum should continue into
the second half of the financial year. However, the Board is aware of the
economic headwinds across its markets and the impact this has on the timing of
customers' orders, with certain project orders already delayed by customers
into H1 FY24.

As a result, the Board is taking a cautious approach to revenue and continues
to be aware of the level of uncertainty in the timing of customer projections
inherent in the key market segments in which the Company operates.

Actions already taken to improve profitability and cash flow by c.£0.4m this
financial year (as previously announced) have lowered the break-even point of
the Group, supporting current market expectations for full year EBITDA
performance.

The Board looks forward to providing a more detailed update with its
forthcoming financial results for the six months ending 31 March 2023, which
are expected to be published on 17 May 2023.

 Enquiries:
 Hardide plc

 Andrew Magson, Chair                                      Tel: +44 (0) 1869 353 830

 Philip Kirkham, CEO

 Jackie Heddle, Communications Manager
 IFC Advisory                                              Tel: +44 (0) 20 3934 6630

 Graham Herring

 Tim Metcalfe

 Florence Chandler
 finnCap - Nominated Adviser and Joint Broker              Tel: +44 (0) 2072 200 500

 Henrik Persson/ Abigail Kelly (Corporate finance)

 Barney Hayward (ECM/Broking)
 Allenby Capital - Joint Broker

 Tony Quirke - Sales and Corporate Broking                 Tel: +44 (0) 20 3328 5656

 Jeremy Porter/ Dan Dearden-Williams - Corporate Finance

 

Notes to editors:

www.hardide.com (http://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 gas
turbine, precision engineering and aerospace industries.

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