Hardide PLC AGM Statement (8921T)
23 Marzo 2023 - 1:00AM
UK Regulatory
TIDMHDD
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.GBP0.4m 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
Philip Kirkham, CEO 830
Jackie Heddle, Communications Manager
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring 6630
Tim Metcalfe
Florence Chandler
finnCap - Nominated Adviser and Joint Broker Tel: +44 (0) 2072 200
Henrik Persson/ Abigail Kelly (Corporate 500
finance)
Barney Hayward (ECM/Broking)
Allenby Capital - Joint Broker
Tony Quirke - Sales and Corporate Broking Tel: +44 (0) 20 3328
Jeremy Porter/ Dan Dearden-Williams - Corporate 5656
Finance
Notes to editors:
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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END
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(END) Dow Jones Newswires
March 23, 2023 03:00 ET (07:00 GMT)
Hardide (LSE:HDD)
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