Business
Final Results
Final Results.
About this update from Hardide Plc
[{"type":"text","content":"\n \nRNS Number : 8896Y Hardide PLC 11 December 2017 \n\n \n \n\n\n\n\nPress Release\n\n\n11 December 2017\n\n\n\n\n \nHardide plc\n(\"Hardide\" or \"the Group\" or \"the Company\")\n \nPreliminary results for the year ended 30 September 2017\n \nHardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, announces its preliminary results for the year ended 30 September 2017.\n \nHighlights\n \nFinancial\n\n\n\n\n· \n\n\nRecord sales of £3.24m (2016: £2.14m). 51% higher than FY2016, largely due to recovery of demand from the oil and gas markets\n \n\n\n\n\n· \n\n\nSales in H2 2017 14% ahead of H1 2017\n \n\n\n\n\n· \n\n\nGross profit of £1.59m (2016: £0.69m)\n \n\n\n\n\n· \n\n\nGross margin of 49.1% (2016: 31.9%)\n \n\n\n\n\n· \n\n\nGroup operating loss of £1.24m (2016: loss of £1.47m)\n \n\n\n\n\n· \n\n\nLoss before interest, tax, depreciation and amortisation reduced to £0.74m (2016: loss of £1.30m before exceptional items)\n \n\n\n\n\n· \n\n\nCash at bank at 30 September 2017 of £1.21m (2016: £1.97m)\n \n\n\n\n\nBusiness & operational\n\n\n\n\n· \n\n\nGained full Airbus Approved Supplier status for UK site\n\n\n\n\n· \n\n\nAchieved Nadcap accreditation for UK site - the world's leading independent certification program for special processes within the aerospace industry\n\n\n\n\n· \n\n\nDevelopment and trialling of multiple components for aerospace customers well advanced\n\n\n\n\n· \n\n\nUS coatings facility performing well; 47% of total group sales to North American customers\n\n\n\n\n· \n\n\nTechnical development work underway on potentially patentable applications\n\n\n\n\n· \n\n\nBoard continues to maintain a positive view on the Company's potential for growth\n\n\n\n\n \nPost-Period\n \n\n\n\n\n· \n\n\nOversubscribed fundraising of £2.54m, in two tranches, announced during October 2017 together with a loan of US$240,000 from the local economic development corporatio...