Hardide plc (LON:HDD), the provider of advanced surface coating technology, has provided an update on trading for the financial year ended 30 September 2023 (“FY23”).
The Group expects to report revenues for FY23 of £5.5 million and EBITDA close to break even, representing revenue growth of 10% and a significant improvement on the EBITDA loss of £0.9 million in the prior financial year. The Group’s cash balance as at 30 September 2023 was £0.7 million, similar to both 31 March 2023 and 30 September 2022.
The Board is pleased that these results demonstrate the success of initiatives announced in December 2022 to focus on profit and working capital improvement initiatives. The benefit of these in the financial year amounted to £0.7 million, double initial expectations.
