Bicester-based Hardide reports improved results

Hardide Coatings

Hardide, the Bicester-based developer of advanced surface coating technology, has revealed revenues of £2.7 million, more than 50 per cent higher than in the same six-month period last year (ending 31 March 2022)

The manufacturer showed gross profits of £1.1 million.

Robert Goddard, Chairman of Hardide plc, said: “I am very pleased to report on a very positive first half with improvement across our key markets. Revenue increased especially from energy, industrial and power generation customers.

“The Board is extremely pleased with the first, and recently received second order, for coating compressor blades for Ansaldo’s gas turbines and looks forward to a long-term relationship with the customer. Regular orders started to materialise in H1 for the Airbus A320 series aircraft and orders for Airbus A330 and A380 components have been received in H2. In the alternative energy sector, we also have a number of developments underway.

“Looking ahead, the Board has increased confidence in the Group’s revenue prospects for H2 and into the next financial year underpinned by a very healthy pipeline of identified customer projects. We continue to monitor our working capital resources carefully but have line of sight to profitability and cash generation.

Robert Goddard has also decided step down from his position as Chairman of the Board. To ensure a smooth transition, he will remain as Chairman while the search process for a successor is underway.

Robert 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.”

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