Hardide PLC AGM Statement (2048X)

TIDMHDD

RNS Number : 2048X

Hardide PLC

20 February 2017

 
 Press Release   20 February 2017 
 

Hardide plc

("Hardide" or "the Group" or "the Company")

AGM STATEMENT

At the Annual General Meeting of Hardide plc (AIM: HDD) to be held today at 11:30am, Robert Goddard, Chairman of the Company, will make the following statement:

"Hardide is starting to see an upturn in activity from its oil and gas customers. This follows the recent OPEC deal on cutting output, which has raised the oil price and resulted in an increasing number of North American drilling rigs being brought back into production. Our new development with a major producer of hydraulic fracturing tools is progressing well and we have seen a recent increase in demand from this customer as well as from our more-established customers.

"We are also seeing regular demand from the manufacturer of advanced baggage-scanners where our components are integral to the machine's functionality.

"Our aerospace developments are progressing to plan, with multiple applications now in test programmes across a range of customers. A number of high-volume components are currently in discussion with Airbus. We expect to be able to provide more news on this over the coming months.

"The new Hardide facility in the US is producing consistently-excellent product and for our high-volume North American customers.

"The board is monitoring closely developments in its target markets and remains confident about the medium- and long-term prospects for the company.

"Half year results are expected to be published on Tuesday 16th May 2017 when there will be a further update on trading."

 
 For further information: 
  Hardide plc 
  Philip Kirkham, CEO                     Tel: [phone] 
   Jackie Robinson, Communications        830 
   Manager 
  finnCap                                  Tel: [phone] 
   Stuart Andrews / Grant Bergman/James     0500 
   Thomson 
 

Notes to editors:

www.hardide.com

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, nuclear, precision engineering and aerospace industries.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

This information is provided by RNS

The company news service from the London Stock Exchange

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February 20, 2017 02:00 ET (07:00 GMT)