Business
Interim Results
Interim Results.
About this update from Hardide Plc
[{"type":"text","content":"\n\nThe information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n \n17 May 2023\n \nHardide plc\n(\"Hardide, the \"Group\" or the \"Company\")\n \nInterim Results for the six months ended 31 March 2023\n \nEBITDA breakeven performance driven by continuing revenue growth and improving gross margin\n \nHardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, announces its results for the six-month period ended 31 March 2023.\n \nHighlights\nFinancial\n\n\n\n\n· \n\n\nRevenue of £2.9m (H1 FY22: £2.7m), a 9% increase over H1 FY22\n\n\n\n\n· \n\n\nGross profit of £1.3m (H1 FY22: £1.1m)\n\n\n\n\n· \n\n\nGross margin improved to 47% (H1 FY22: 41%)\n\n\n\n\n· \n\n\nEBITDA breakeven achieved (H1 FY22: £0.2m EBITDA loss)\n\n\n\n\n· \n\n\nAvailable cash resources at 31 March 2023 were £0.7m (30 September 2022: £0.7m)\n\n\n\n\n· \n\n\nSelling price increases successful in mitigating input cost inflation\n\n\n\n\n· \n\n\nProfit and working capital improvement actions announced in December 2022 are running ahead of expectations and are now expected to yield £0.5m of benefit for the full financial year\n\n\n\n\nCommercial\n\n\n\n\n· Energy (representing 64% of H1 FY23 sales): total energy sales increased by 29%\n\n\n\n\n· Industrial (representing 33% of H1 FY23 sales): revenue fell 17% mainly due to the timing of orders\n\n\n\n\n· Aerospace (representing 3% of H1 FY23 sales): sales to the aerospace sector increased by 10% as production orders are now regularly being received\n\n\n\n\n \nCommenting on the results, Philip Kirkham, CEO of Hardide plc, said:\n\"The Group performed well in the first half, with revenues up 9% from H1 FY22 and 22% higher than H2 FY22. This reflected improving market conditions in the oil & gas sector, new project wins and the recovery of input cost inflation in selling prices. We were pleased to deliver an EBITDA breakeven performance for the peri...