Business
Annual results for year ended 30 September 2022
Annual results for year ended 30 September 2022.
About this update from Hardide Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 8 February 2023\n \n \n \n \n \n \n \n Hardide plc\n \n \n \n (\"Hardide\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n Annual results for the year ended 30 September 2022\n \n \n \n \n \n \n \n \n \n Strong revenue growth from increasing market adoption of our patented coating technology\n \n \n \n \n \n \n \n \n Hardide plc (AIM: HDD), the developer and provider of advanced surface coating technology\n ,\n announces its annual results for the year ended 30 September 2022.\n \n \n \n \n \n \n Highlights\n \n \n \n \n Financial\n \n \n \n \n \n \n \n ·\n \n \n \n \n Revenue increased by 39% to £5.0m (FY21: £3.6m)\n \n \n \n \n \n \n ·\n \n \n \n \n Gross margin improved to 37% (FY21: 36%)\n \n \n \n \n \n \n ·\n \n \n \n \n Significant reduction in the EBITDA loss to £0.9m (FY21: £1.5m loss)\n \n \n \n \n \n \n ·\n \n \n \n \n Statutory loss before tax of £2.3m (FY21: £2.9m)\n \n \n \n \n \n \n ·\n \n \n \n \n Fundraising in September 2022 raised £0.5m to support working capital requirements. Further initiatives to improve the Group's financial position and to provide further working capital have continued in the new financial year\n \n \n \n \n \n \n ·\n \n \n \n \n Cash at bank at 30 September 2022 of £0.7m (FY21: £1.5m)\n \n \n \n \n \n \n \n Commercial\n \n \n \n \n \n \n \n \n \n \n Strong revenue growth was achieved across all end-use market sectors:\n \n \n \n \n \n \n \n \n \n \n \n \n \n · Energy (representing 57% of FY22 sales): 72% increase overall, comprising 54% increase to the oil & gas sector and an over six-fold increase to power generation, including new business coating turbine blades\n \n \n \n \n \n \n \n \n \n \n \n \n · Industrial (representing 39% of FY22 sales): 10% increase including increased demand from a manufacturer of industrial pumps \n \n \n \n \n \n \n \n \n \n \n \n \n · Aerospace (representing 4% of FY22 sales): 24% increase in sales to the aerospace sector, with production orders now regularly being received for the Airbus A320, A330, A380 and A400M series aircraft\n \n \n \n \n \n \n \n \n \n \n \n \n · In addition, the Company is pursuing significant business development opportunities in the green energy and electric vehicle (EV) markets, including wind and solar power, hydrogen ge...