Slide 1: Interim Results for the half year to 31st March 2025
Interim Results for the half year to 31st March 2025 Matt Hamblin - CEO Simon Hallam - Finance Director
Slide 2: Agenda
Agenda • Overview • Income statement development • Commercial update • International trading environment and tariffs • Accelerating revenue growth • Outlook Appendices: Cash flow statement and balance sheet Introduction to Hardide © 2025 All content is confidential and remains the property of Hardid
Slide 3: Overview
Overview • A significant positive turnaround in performance, with strong H1 revenues up 32% versus H1 2024. • Hardide has now become EBITDA profitable and cash generative, remaining on track to deliver on full year performance expectations. • Our strategy of accelerating revenue growth, utilising si
Slide 4: Income Statement Development
Income Statement Development £m H1 FY25 H1 FY24 Change Revenue 2.8 2.1 +0.7 (+32%) Gross profit 1.5 0.9 +0.6 Gross margin % 54% 41% +13ppts Overheads (1.1) (1.4) +0.3 EBITDA 0.4 (0.5) +0.9 Depreciation (0.4) (0.4) - Operating profit - (0.9) +0.9 Financing (0.1) (0.1) - PBT (0.1) (1.0) +0.9 © 2025 Al
Slide 5: Commercial Update
Commercial Update Revenue analysis: £m H1 25 (£m) H1 24 (£m) % change H1 25 % total H1 24 % total Energy 1.2 0.8 +41% 44% 42% Industrial 0.6 0.8 -27% 20% 36% Aerospace 1.0 0.5 +113% 36% 22% Total 2.8 2.1 +32% 100% 100% • Energy: increase in development and qualification orders from the supply chain
Slide 6: Global trading environment and tariffs
Global trading environment and tariffs • Hardide’s business model is to coat our customers’ free issued components • We sell on an ex-works pricing basis and are not exposed directly to the financial risks of transporting products internationally, or to tariffs • Later this month we will complete a
Slide 7: Accelerating revenue growth
Accelerating revenue growth Our number 1 priority: • We now have a roadmap showing how on a line-by-line basis we plan to broadly double revenues to utilise existing capacity over the next few years – whilst it needs further work and the hopper needs more opportunities overall, it is a big step forw
Slide 8: Outlook
Outlook We are mindful of both the uncertain global trading environment and Hardide’s limited order book visibility. However, based on year to date performance, the ongoing development of the business and latest customer demand schedules, the Board continues to expect Hardide to achieve its current
Slide 9: Appendix: Cash Flow Summary
Appendix: Cash Flow Summary £m H1 FY25 H1 FY24 Change EBITDA 0.4 (0.5) 0.9 Working capital movement 0.2 0.2 - Capital expenditure - (0.1) 0.1 Interest (0.1) (0.1) - Debt repayment (0.2) (0.2) - Equity fund raise - 0.7 (0.7) Net cash flow 0.3 - 0.3 Net period end cash balance 1.0 0.7 0.3 © 2025 All c
Slide 10: Appendix: Balance Sheet Summary
Appendix: Balance Sheet Summary £m 31 March 2025 30 Sept 2024 Change Property, plant & equipment 3.7 4.0 (0.3) Right of use assets 1.4 1.5 (0.1) Working capital 0.1 0.3 (0.2) Capital invested 5.2 5.8 (0.6) Cash 1.0 0.7 0.3 Loans* (0.6) (0.7) 0.1 Lease liabilities** (2.0) (2.1) 0.1 Shareholders’ fund
Slide 11: Hardide Introduction
Hardide Introduction • Primary technology is Chemical Vapour Deposition (CVD) coatings • Markets Served: Aerospace, Oil & Gas, Industrial across a variety of applications • Our CVD coatings are unique in that they are applied in a “low” temperature <500oC environment, versus traditional CVD coatings
Slide 12: How & where our CVD coatings are deployed
How & where our CVD coatings are deployed • Applied on various types of Steel, Alloys, Copper, Graphite • Thickness typically 25 to 100+ microns • Non line-of-sight, can do what most other coatings can’t: uniformly coat complex internal and external surfaces • Hardide coatings can be made as pure Tu
Slide 13: Disclaimer
Disclaimer This document is being made available for information purposes only and neither it nor any oral presentation made in connection with it constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities or to enter in
Slide 14: Thank you
Thank you