Hardide H1 revenues surge
By Iain Gilbert
Date: Tuesday 31 Mar 2020
(Sharecast News) - Surface coating technology group Hardide saw revenues surge 25% year-on-year in the six months ended 31 March on the back of strong demand from customers in the oil and gas, flow control and precision engineering sectors.
The AIM-listed company said its Oxfordshire, UK and Virginia, USA were continuing to coat product as normal and had not seen any "significant reduction" so far, but Hardide was "mindful" that order intake in the second half of the financial year may well be affected by the Covid-19 outbreak.
"The board will continue to monitor the situation and keep an open dialogue with customers over the coming weeks," it said.
Hardide acknowledged that the aircraft industry was being "seriously affected" by the current situation but said this was not having an effect on developments and discussions underway between the company and Airbus and its Tier 1 suppliers.
"The internal fit-out of the new Bicester facility has been completed and the transition to the new site currently remains on plan for completion during September 2020, although the current situation with Covid-19 may cause some delay," it said.
As of 0955 BST, Hardide shares had shot up 29.23% to 21p.
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