Hardide PLC AGM Statement (1702S)

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RNS Number : 1702S

Hardide PLC

15 March 2021

15 March 2021

Hardide plc

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

AGM Statement

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

"The Company is in a sound financial position with new proceeds of approximately GBP1 million received from the recent fundraising. As expected, trading remains largely stable around the same levels experienced in the second half of last year, when the effects of the COVID-19 pandemic impacted our target market sectors. The Board expects recovery in demand, particularly from the oil and gas sector, to accelerate in H2 2021. The rise in oil prices to over $60 per barrel, the encouraging increase in the number of working oil and gas rigs in North America and the increasing global demand for oil, gives us confidence that the beginning of recovery is underway.

"The new UK site is fully operational, with both sufficient capacity and capability to cope with the expected near-term resumption of customer demand. Aerospace business from Airbus, while somewhat delayed due to the effects of COVID-19, is expected to commence in late 2021. The accreditation of equipment and production processes at the new site is on schedule and due to be completed in late spring/early summer of 2021. The lease on the Wedgwood Road site ends in October 2021. The US site has continued operating normally with the new, fourth coating reactor now fully operational.

"The Board retains its positive outlook and expectations that demand will return and continue on the upward trajectory that was established before the pandemic. In addition, there are a number of potential high--volume projects in development and test with aerospace, energy and precision engineering customers. As ever, all or some of these may or may not come to fruition, but each has the potential to make a significant contribution to revenue to the Group.

"Half year results are expected to be published on or around 20 May 2021."

 
 Enquiries: 
  Hardide plc                                     Tel: [phone] 
   Robert Goddard, Non-Executive Chairman          353830 
   Philip Kirkham, CEO 
   Jackie Robinson, Communications Manager 
  IFC Advisory                                    Tel: [phone] 
   Graham Herring / Tim Metcalfe / Florence        6630 
   Chandler 
  finnCap - Nominated Adviser and Joint Broker    Tel: [phone] 
   Henrik Persson / Matthew Radley (corporate      0500 
   finance)                                        Tel: [phone] 
   Richard Chambers (ECM)                          5656 
   Allenby Capital- Joint Broker 
   Jeremy Porter / Tony Quirke 
 

Notes to editors:

Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix 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, precision engineering and aerospace industries.

www.hardide.com

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March 15, 2021 03:00 ET (07:00 GMT)