Hardide Share Discussion Threads

[nestoframpers] 28/10/2022 09:04

No rise and just 265 K volume ,surprising on good news.

[johnwise] 27/10/2022 07:09

27/10/2022

Hardide PLC Supplier Approval & Order for Leonardo Helicopters

[albert arthur] 27/10/2022 07:05

Good news this morning... Leonardo bring in revenue of 4b. The cap here is 9m..

[nestoframpers] 24/10/2022 21:06

Now is probably the time to buy here .

[nestoframpers] 24/10/2022 21:06

I bought in here prior to the pandemic at about 50p , I was stupid not to sell but don't have many of these so was slack. If the new NED can get HDD flogged off for 50p I'd be happy . What do others think ?

[nestoframpers] 24/10/2022 18:52

Andrew brings a range of well-honed skills including strategic development, corporate governance, financial oversight, change management

and M&A.

He is also an experienced Chair of Audit Committees. Importantly, he is

well-respected and has good networks within City institutions, adding strength to the Board."

[nestoframpers] 13/10/2022 08:42

Sounds good but we are in a manufacturing slump , military parts and oil Ind might help keep HDD going I guess , a very boring share only M&A would liven it up . My Ave is about 40p, I will not be averaging down hoping HDD will be snapped up.

[gb904150] 09/9/2022 11:39

£0.5m is just a placing to keep the lights on.

They might sell and leaseback the Martinville, VA, USA plant to get some more cash in the bank.

But if they are not profitable now when they own their properties, profitability will be even further away when they are paying rent.

In terms of sales from Martinville, from the 2021 Annual Report:

The UK operation sells to the UK, Europe and some North American customers, while the US operation only sells to North America. During 2021, of the £2,149,000 sales to North American customers, £475,000 originated from the UK operation. All revenue is recognised at a point in time and no revenue is recognised over time.

So the USA plant itself accounted for £1.674m of sales.

The positive to take from the £0.5m placing is as Livewireplus says - the management team took up £0.2m of it.

Robert Goddard the ex non-exec Chair - about £20k
Andrew Boyce NED - about £160k
Philip Kirkham CEO - about £12k

It also answers one of my previous questions which is what Robert Godddard would do with his holding. The answer is - he has added to it. Now 582k shares - £110k or so.

Still too much uncertainty and drift here. Despite the product and process quality.

[livewireplus] 09/9/2022 07:37

Well the RNS does say effectively say that .... time will tell what the future brings .... I'll be a tad disappointed if share price not more than 30p this time next year ... but there is a possibility it may be zero instead.... my tea leaves no longer work as can't afford to boil the hot water ....

[mr macgregor] 09/9/2022 07:25

All this does is keep them afloat for the time being. More pain to come.

[livewireplus] 09/9/2022 06:52

.... re todays placing RNS:at least some of the Directors of the Company (and an associate) are taking part in the fundraising by subscribing an aggregate amount to the tune of about GBP0.2 million at around the present price of 19p ....

[meijiman] 18/7/2022 09:19

This is the ultimate lifestyle company. Get a job here and you are on the gravy train. Everything is paid for by other folks money. The Russian bloke thinks he lives on treasure island..maybe he does.

[marktime1231] 14/7/2022 12:21

A rather disappointing Q3 update, I did not like the suggestion they might need to raise funds for investment and whatever having already invested hugely in facilities and capacity. Sounds more like supply chain problems, described in vague terms, have caused revenue delays putting pressure on cash flow.

Retaining expectations while warning of increased risk of a miss is the sort of rns wording which obscures the outlook rather than informs shareholders.

We are used to HDD enthusing about orders and prospects, which they will need to come up with if they are planning on tapping the market.

[gb904150] 14/7/2022 08:15

Another disappointing update from HDD.....broadly inline revs but EBITDA might be a tiny bit off.

General supply chain disruption and longer lead times amongst their customers mean 2022 revenues now getting pushed out to FY2023.

I don't really get the bit about the "extended period between purchasing key raw materials and receiving payment from customers".

It's not like HDD have to hold hundreds of parts to build something....the raw materials would be their coating compounds....tungsten hexa-fluoride + other tungsten compounds.

So if we just take that as 'it's taking longer to get paid....so there's a squeeze on cashflows'.

The long and short of it is that HDD are still miles from profitability and those BOD salaries are not going to pay themselves.

So get ready for a fundraise of £2-3m.....£1m of which will be to pay for another large reactor. £2m of which is to keep the BOD nests feathered for another couple of years.

No mention of profitability nor utilisation.

It's always just 'one more reactor'. Will it be a profitable reactor? Or just another unprofitable one like all the others?

[meijiman] 13/5/2022 10:59

Great post. Agree with pretty much all of it. The Russian guy must think he's living on Treasure Island!

[gb904150] 13/5/2022 10:51

Yes, although I'm surprised given that Andrew Boyce NED holds 12% and has been on the board and remuneration committee all that time.

Then Patrick Evershed took a 6% stake last year.

Some other HNW PI's own stakes of 3% or so.

Yet all of them have tolerated this jam tomorrow story for 10+ years.....or 20yrs for some!

It will be interesting to see what Robert Goddard does with his 471,532 shares now he has resigned as non-exec Chairman and who they bring in instead. He sounded positive on HDD as you would expect, so perhaps he thinks it's a long term hold at this stage.

It just seems a very 'comfortable' business if you ask me. A great story, great IP, great process experience but a story spun for 20 years and funded by investors with very little measurement or scalability.

I still don't think they are anywhere near to profitability and I cannot fathom how 41% gross margins are deemed acceptable for a product/technology like this.

They will almost certainly be raising more money in the next few months and perhaps talking about this new investment in a 2nd large reactor.

I'd rather see some figures on what % of reactor capacity is being used at the moment. A bit more transparency if you like.

[meijiman] 13/5/2022 10:16

A lifestyle company par excellence

[gb904150] 13/5/2022 09:48

That's quite a funny directors talk interview. At the end of each of Philip's detailed answers....Giles goes and asks exactly the question that has already been answered! Not once but twice.

I must admit the future sounds positive for HDD...but then, it always has!

The ansaldo and Airbus work sounds great long term....but we're still miles from the profitability carrot that has been dangling for 20 years.

I agree that the business is healthier with its more diverse customer base.

But my main takeaway from that interview is that already....HDD are contemplating another large reactor at the new Bicester site. Those have a cost of about £1m and a 12 month lead time. Will the company then be profitable? What % of capacity are they at at the moment?

Guess where HDD will be getting the money from for the new reactor? Not from their profitable operations that is for sure.

I didn't love the cautionary note from interims on higher energy and raw material costs either. Is that the next thing?

The Group is focused on sustaining and improving margins for the full financial year, but is experiencing already the impact of increasing costs of energy, process gas and other chemicals.

[ansc] 10/5/2022 09:18

Resignation of Non-Executive Chairman

Hardide plc (AIM: HDD), the developer and provider of advanced surface coating technology, announces that Robert Goddard has informed the Group of his intention to resign from his position as Chairman of the Board.

To ensure a smooth transition, Robert will remain as Chairman while the search process for a successor is underway. The announcement of a successor will be made in due course.

Robert Goddard, Chairman of Hardide plc, said:

"Taking account of my increasing commitment to other companies, I now have the confidence to step aside as Chair, albeit with sadness. I leave the Group with a strong and highly capable management team led by Philip Kirkham, and technical team led by Yuri Zhuk, together with a competent, loyal and eager staff. Hardide is an extremely well-managed business and I have high confidence in the prospects of the Group."

Philip Kirkham, CEO of Hardide plc, said :

"Robert has had a long and successful history with Hardide over the 14 years since he became Chairman. He has steered the Company through two recessions and a pandemic; culminating in good revenue growth and a stable financial position. The Group has been transformed throughout his stewardship due to his invaluable strategic leadership, expertise and diligence. Particularly, I would like to thank Robert for his support and guidance given to me over the years and he leaves with the profound thanks and best wishes from the Hardide Board and staff."

"Here, here!"