Hardide sees signs of improvement across all key markets

Hardide plc (LON:HDD), the developer and provider of advanced surface coating technology, has announced its results for the six-month period ended 31 March 2021.

Highlights

Financial

· Revenue of £1.8m (H1 2020: £3.0m), in line with H2 2020 and the Board’s expectations

· Gross profit of £0.7m (H1 2020:
£1.7m)

· Gross margin of 37% (H1 2020: 55%)

· EBITDA loss of £0.9m (H1 2020: breakeven)

· Cash at bank at 31 March 2021 of £2.3m (£4.9m at 31 March 2020)

Operational

· Airbus final approval of the Longlands Road site due July 2021

· Encouraging progress with aerospace customers:

· Airbus approvals gained for various A320, A330, A380 and A400M components

· Regular Airbus orders for A300 ‘Beluga’ door components

· Orders for BAE Eurofighter Typhoon canopy locking components five times higher than the same period last year

· New pipeline projects for aircraft landing gear, helicopter and business jet applications

· Exciting development underway with a very large, US-based manufacturer of electric vehicles

· New UK site at Longlands Road functioning as planned and now certified to aerospace quality management system AS9100D and environmental system ISO14001

· Gas turbine blade developments well advanced with a major European manufacturer

Post-period

· Positive signs of recovery in demand starting to be seen across all key markets

· Long term agreement with a major German Tier 1 supplier to Airbus is in final stages of preparation for the coating of multiple Airbus A320 and A330 components

· Second CBILS loan of £0.25m received in April 2021

Commenting on the interim results, Robert Goddard, Chairman of Hardide plc, said:

“Whilst the Group has had a challenging first half and the ongoing effects of COVID-19 remain unclear, there are signs of improvement across all of our key markets. Revenue from energy, flow control and aerospace customers all increased in the first half compared with H2 2020 with sales to aerospace customers increasing by 26% and to energy and flow control by 4% each. Predictably, the recovery in demand from oil and gas customers is slow. The overall rate of recovery will depend largely on the speed of roll-out of the vaccination programme, and the associated recovery of air travel and industrial energy consumption, both of which are already being seen across the Far East and North America. The Board believes that a number of factors, including diversification of our customer base, product differentiation, increased awareness of the benefits of the coatings and strong customer relationships position us well for medium- and long-term growth.

“Meanwhile, the Board and management has made excellent progress in developing further the Group’s strategy to build its position in the transition to alternative energy sources, and are pursuing new growth opportunities in various fields. Several applications have been identified already, just one being the exciting development with a large, US-based manufacturer of electric vehicles. Testing is progressing well and at a swift pace.

“Looking ahead, the Board remains confident of an improvement in revenues in H2 and into full year 2022. The Group’s cash position remains sufficient to meet the Company’s working capital requirements for the foreseeable future.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Hardide Plc

    More articles like this

    Hardide Plc

    Hardide positive results and a strong, diverse pipeline (VIDEO)

    Hardide Plc (LON: HDD) CEO Philip Kirkham joins DirectorsTalk Interviews to discuss results for the six-month period ended 31st March 2022. Phil talks us through the Group’s first half performance, the strong pipeline for H2, progress in diversifying the

    Hardide Plc

    Hardide to benefit from increased oil prices and drilling activities

    Schlumberger plc (NYSE:SLB) announced on Friday its Fourth-Quarter and Full-Year 2021 Results in which it reported sequential revenue growth was broad based across geographies and divisions. International revenue was driven by strengthening activity, strong offshore activity in Africa

    Hardide Plc

    Hardide’s new facility receives full approval from Airbus

    Hardide plc (LON:HDD), the developer and provider of advanced surface coating technology, has announced that it has received full approval from Airbus to coat and process its components at the new and larger Longlands Road facility in Bicester,

    Hardide Plc

    Hardide Q&A: Encouraging and very positive period (LON:HDD)

    Hardide’s Philip Kirkham discusses half-year results, their new UK premises, encouraging progress with aerospace and power generation customers, the transition to alternative energy and the longer term outlook for the group in this exclusive interview with DirectorsTalk.

    Hardide Plc

    Hardide expects recovery in demand to accelerate in H2 2021

    Hardide plc (LON:HDD), at the Annual General Meeting to be held at 11:30am today, Robert Goddard, Chairman of the Company, will make the following statement:  “The Company is in a sound financial position with new proceeds of approximately

    Hardide Plc

    Hardide to hold AGM on 15th March 2021

    Hardide plc (LON:HDD), the developer and provider of advanced surface coating technology, has announced that its Annual Report and Accounts and its notice of Annual General Meeting will be posted to shareholders today. Copies of the notice of AGM

    Hardide Plc

    Emirates: We will operate the A380 till the mid-2030s

    The status of the Airbus A380 has been questioned ever since international travel took a massive step back due to the ongoing COVID-19 outbreak. Some airlines have laid out plans to retire the double-decker prior to the disaster

    No more posts to show