Demand is resurgent across all its sectors, according to Hardide Coatings Ltd, the developer and provider of advanced surface coating technology.
The Bicester-based company has revealed its latest results, with revenues of £3.6 million, down from £4.8 million last year, and gross profit down to £1.3 million from £2.3 million.
Despite this, the company said that the value of orders received during the second half of this year was £2.5 million, 52 per cent higher than in the first half of the year as demand from customers recovers.
Compared to last year, the company has seen a 46 per cent increase in sales to the aerospace sector, from a low base, a 38 per cent increase in sales to the precision engineering sector, including power generation customers, a 46 per cent reduction in sales to the oil and gas sector and a 12 per cent reduction in sales to the flow control sector.
Earlier this year, the company received full approval of its new Bicester site for coating flying components received from Airbus and its first production order received for Airbus A320 aircraft wing components.
It has also received its first large production order for the coating of gas turbine blades for a major European turbine manufacturer, and a testing and development programme is under way with a large US-based manufacturer of electric vehicles.
Robert Goddard, Chairman of Hardide, said: “Demand is now resurgent across all our sectors and we have a healthy pipeline of exciting opportunities in both current and new markets. Many test programmes that were on hold or slowed by the pandemic are once again gathering pace.
“Opportunities for the Hardide coating have never been more relevant as the world looks to industry to initiate and support measures to limit climate change, waste and pollution. Use of the Hardide coating increases the life and performance of metal parts in high-wear and high-value applications, thereby reducing waste, energy consumption and end-of-life pollution. Our coatings provide solutions to problems that previously would have required a hazardous and environmentally damaging coating process that is now restricted under EU, UK and US health, safety and environmental regulations.
“Looking forward, the much improved sales performance in the first months of the current financial year and the considerable pipeline of opportunities augur well for further growth in sales. This provides us with confidence in the Group’s prospects for 2022 and onwards.”