REG - Hardide PLC - Board Changes

HardideAnnouncement

01/11/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231101:nRSA9207Ra&default-theme=true

RNS Number : 9207R  Hardide PLC  01 November 2023

The information contained within this announcement is deemed by Hardide to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

1 November 2023

 

Hardide plc

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

 

Board changes

 

Hardide plc, the provider of advanced surface treatment solutions, announces
that Philip Kirkham has notified the Board of his intention to step down as
Chief Executive of the Company on or before 30 April 2024.

 

During his tenure of 11 years, Phil has led the development of the Hardide
business including establishing the Group's two new production facilities in
the UK and the USA and diversifying the customer base into the industrial,
aerospace and power generation sectors, building on its original successes in
oil and gas. Phil will leave a well invested and professional business that
provides an excellent platform for future growth.

 

The process of recruiting a successor with experience in relevant sectors has
commenced and further announcements will be made as appropriate.

 

The Group also announces the appointment of Matthew Hamblin to the Board as an
independent Non-Executive Director with immediate effect. Matt will also
become a member of the Remuneration & Nomination Committee and the Audit
Committee. Until recently he was Chief Executive Officer at Keronite, an
advanced coatings and surface treatment company, where he led its growth into
profitability and its subsequent sale to the Curtiss-Wright Corporation in
November 2022. Matt has prior experience in a variety of sales and commercial
leadership roles and has recently worked with Hardide as an external
consultant to identify opportunities and initiatives for accelerating revenue
growth, a number of which are already being implemented. He is currently
Commercial Vice President of Nyobolt, a high-performance battery and charging
technology company.

 

Further information with regard to Matthew Hamblin, as required by Schedule
2(g) of the AIM Rules for Companies, is set out below.

 

Andrew Magson, Non-Executive Chair, commented:

 

"The Board and all at Hardide are hugely indebted to Phil Kirkham for his
leadership of the Group for over 11 years and his key role in building the
business and platform for growth that we have today. We look forward to
continuing to work with Phil in the coming months as we manage the succession
to a new CEO. We wish Phil well for the future.

 

"The Group continues to advance its strategy of becoming a sales focused and
commercially entrepreneurial business, to accelerate revenue growth and better
utilise existing operational capacity. With the business now trading at around
EBITDA break even, our aim is to leverage revenue growth to become net cash
generative and earnings per share positive as soon as possible, building value
for shareholders and other stakeholders.

 

 "We are separately pleased to welcome Matt Hamblin to the Board and we look
forward to the contribution that his experience in leading a similar business
into profit and beyond through organic revenue growth can make to advancing
our strategy."

 

 

Matthew Roger Hamblin (Age 49)

 

Current Directorships:

 

None.

 

Past Directorships in the last 5 years:

 

Keronite Group Limited.

Keronite International Limited.

Keronite Inc.

 

Matthew Hamblin does not own any ordinary shares or options over ordinary
shares in the Company.

 

There is no further information on Matthew Hamblin required to be disclosed
under Schedule Two, paragraph (g) of the AIM Rules for Companies.

 

 

 Enquiries:
 Hardide plc

 Andrew Magson, Non-Executive 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

 Cavendish Capital Markets Ltd - 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                                       Tel: +44 (0) 20 3328 5656

 Tony Quirke/ Joscelin Pinnington - Sales and Corporate Broking

 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 as well as a reduced carbon footprint.
Customers include leading companies operating in the energy sectors, valve and
pump manufacturing, industrial gas turbine, precision engineering and
aerospace industries.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAFLFERIRLLVIV