Advanced surface coating technology company, Hardide plc, which won a Queen’s Award for International Trade last month, has reported record revenues for the half year, up by 29 per cent to £3.02 million and gross profit of £1.66 million, up by 58 per cent.
The company is due to relocate to a new 22,313 sq ft site at Bicester by the end of September, which will improve its capacity, capability and environmental performance. However, the company’s aerospace work will continue to be processed at Hardide’s current Wedgwood Road site until its new facility is fully approved by Airbus.
Chairman of Hardide, Robert Goddard, said: “The Group is pleased to report another record for sales revenue for a half year. The phased relocation of our UK business to a larger, modern and high-spec facility is on time and budget. Meanwhile, our UK and US sites are operating effectively and continue to coat product during the COVID-19 pandemic.
“So far, trading in H2 2020 has started well and has not, to date, been significantly disrupted by the effects of COVID-19. There are grounds for cautious optimism, but in the current context, the Board must be mindful of the potential for order book disruption in the second half. The Group has a robust cash position and measures are being put in place to preserve cash, which positions us well in these uncertain times.”
The company further reported that encouraging progress continues to be made with Airbus and a supply agreement has been reached with one of its major Tier 1 suppliers. Two projects grant-funded by the National Aerospace Technology Exploitation Programme (NATEP) were completed successfully and it has begun international filing of a UK patent for turbine blades.