Year End Trading Update
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
21 October 2026
Hardide plc
(“Hardide”, the “Group” or the “Company”)
Year end trading update
Strong trading momentum, recent new customer wins and encouraging pipeline
Hardide (AIM: HDD), the provider of advanced surface coating technology, is pleased to provide a trading update for its financial year ended 30 September 2026 (“FY26”).
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.
For further information:
Hardide plc
Matt Hamblin (CEO)
Simon Hallam (Finance Director)
Tel: +44 (0) 1869 353 830
Cavendish Capital Markets Ltd - Nominated Adviser and Broker
Henrik Persson / Elysia Bough (Corporate Finance)
Jasper Berry / Dale Bellis (Sales)
IFC Advisory
Graham Herring
Tim Metcalfe
Tel: +44 (0) 2072 200 500
Tel +44 (0)20 3934 6633
Notes to editors:
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.
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