Business
AGM Trading Statement
AGM Trading Statement.
About this update from Hardide Plc
[{"type":"text","content":"\n\nThis 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.\n \n \n18 March 2025\n \nHardide plc\n(\"Hardide\", the \"Group\" or the \"Company\")\n \nAGM Trading Statement\n \nHardide plc (AIM: HDD), the provider of advanced surface coating technology, will be holding its Annual General Meeting at 11.30am today, at which the Chair will provide the following update on trading in the financial year ending 30 September 2025.\nYear to date trading is in line with the Board's expectations.\nWe are pleased to report that we expect revenues for the first half year ending 31 March 2025 (\"H1 FY25\") to be approximately 30% ahead of the £2.1m reported in the equivalent prior year period (\"H1 FY24\"). Accordingly, we expect to report a positive EBITDA and a positive cash flow performance in H1 FY25 (H1 FY24: EBITDA loss of £0.5m, cash outflow of £0.7m, prior to proceeds from financing).\nRevenue growth is being driven by the further development of our aerospace business, including initial revenues from the new contract announced in December 2024 to coat cargo door components for freight aircraft, together with some recovery in oil and gas sector demand compared with the previous H1.\nThe management team and the Board remain highly focused on pursuing initiatives to accelerate revenue growth and utilise spare production capacity, as set out in our 2024 annual report. This includes projects to:\n· harmonise the production capabilities of our Martinsville factory in the USA with that of Bicester in the UK; and\n· broaden the capability of our wet treatment line in the UK to enable this service to be offered directly to customers. Previously this facility has been used solely as a pre-treatment for CVD coatings.\nThe combined capital cost of these projects will be less than £0.1m, with completion expected in the third quarter of the financial year.\nIn view of encouraging trading to date, and the fresh approach to growing the business under new management, the Board believes that Hardide remains on track to deliver expectat...