Business
TRADING UPDATE AND THE IMPACT OF COVID-19
TRADING UPDATE AND THE IMPACT OF COVID-19.
About this update from Hardide Plc
[{"type":"text","content":"\n \n \n RNS Number : 1276I\n Hardide PLC\n 31 March 2020\n \n \n \n \n 31 March 2020\n \n Hardide plc\n (\"Hardide\" or \"the Group\" or \"the Company\")\n \n TRADING UPDATE AND THE IMPACT OF COVID-19\n \n Hardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, provides the following update on trading and the foreseeable impact of COVID-19.\n \n Revenue in the six months to 31 March 2020 has been more than 25 per cent ahead of the same period last year. The Group's facilities in Bicester, Oxfordshire, UK and Martinsville, Virginia, USA are continuing to coat product as normal at present. Demand has been strong from customers in the oil and gas, flow control and precision engineering sectors throughout the first half of this financial year and the Board has not yet seen any significant reduction going into the second half.\n \n Notwithstanding this, the Board is mindful that order intake in the second half of this financial year might well be affected as customers, especially those from the oil and gas sector, could defer investment decisions or increasing governmental restrictions may have an impact on customer production levels. The Board will continue to monitor the situation and keep an open dialogue with customers over the coming weeks.\n \n The aircraft industry in general is being seriously affected by the current situation but this is not having an effect on the developments and discussions underway between the Company and Airbus and their Tier 1 suppliers on converting components away from hard chrome plating to our Hardide-A coating. Engineering work is currently being done by Airbus to allow for our coating on a range of components and a supply agreement with a major Tier 1 supplier is almost complete. The programme of work agreed with Airbus to gain approval for the new site in Bicester continues. Other development work with Leonardo Helicopters and other aerospace companies, both in the UK and the US, is also continuing; so far without disruption.\n \n 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.\n \n The Group has a robust cash positio...