Hardide plc (LON: HDD), the provider of advanced surface treatment solutions, has announced an update on trading for the financial year ended 30 September 2024.
Hardide expects to report revenue of £4.7m for the year (FY23 £5.5m). As anticipated, second half (H2) trading was stronger than the first half (H1) with H2 sales of £2.6m, compared with H1 of £2.1m, despite some delays in new business work now expected in the first half of the new financial year.
Adjusted EBIDTA* is anticipated to be close to break even for the year (FY23: -£0.1m). The improved trading momentum in H2, combined with the benefit of margin improvement and cost reduction actions taken earlier in the year, enabled the Group to generate an anticipated adjusted EBITDA* positive result of c.£0.4m in H2, at an adjusted EBITDA margin of c.15% (H2 23: EBITDA break even).
The Group’s cash balance at 30 September 2024 was £0.7m (H1 24: £0.7m). Hardide began to trade at net cash positive levels towards the end of the financial year, as expected.
