Hardide plc (LON:HDD) will be holding its Annual General Meeting at 10.30am today, at which the Chair will provide the following update on trading to date in its financial year ending 30 September 2023.
The Board reiterates its cautiously optimistic outlook set out in its recent annual report.
Hardide is experiencing growth across its key markets of energy, aerospace and industrial products, with first half sales (H1 FY23) expected to be ahead of the same period last year (H1 FY22) by approximately 7%. Discussions with customers allow the Board to expect that this momentum should continue into the second half of the financial year. However, the Board is aware of the economic headwinds across its markets and the impact this has on the timing of customers’ orders, with certain project orders already delayed by customers into H1 FY24.
As a result, the Board is taking a cautious approach to revenue and continues to be aware of the level of uncertainty in the timing of customer projections inherent in the key market segments in which the Company operates.
Actions already taken to improve profitability and cash flow by c.£0.4m this financial year (as previously announced) have lowered the break-even point of the Group, supporting current market expectations for full year EBITDA performance.
The Board looks forward to providing a more detailed update with its forthcoming financial results for the six months ending 31 March 2023, which are expected to be published on 17 May 2023.