Hardide Plc (LON:HDD) Chief Executive Officer Phillip Kirkham caught up with DirectorsTalk for an exclusive interview to discuss their latest trading update.
Q1: Well done on your latest trading update with reported revenues to be ahead of market expectations, can you tell me what has driven this?
A1: We’ve seen a general upturn in most parts of the oil and gas industry this year, but we still ought to see significant recovery in the subsea sector. The main driver of the announcement and the revenue has been two new supply contracts that we announced earlier in the year, both of which are now starting to generate good revenues. Both of these are oil and gas related, one is for manufacturer of completion tooling and the other is a major oil and gas operator so both new products for us. That’s the main driver for the increase in revenue that we see.
Q2: Are there any other further opportunities to be had with your customers?
A2: Yes, of course. There’s more to come from both of these new contracts which only started part-way through this year. There’s also the possibility of further components from these customers to come from the future
Q3: Moving forward, how would you describe Hardide’s strategy for the near and long term?
A3: We continue to see a number of opportunities across a whole range of industries and we are currently investing to give ourselves significant growth potential. We’d recently recruited a new Business Development Engineer in the US and our third coating reactor is going into the Martinsville facility shortly. We’re also evaluating when to put in even more capacity in Martinsville and also exploring options to expand our coating capacity in the UK.