Shareholders in Hardide Plc (LON:HDD) recently had cause for cheer when the company gained approved supplier status from Airbus, the European aerospace giant, for the coating of flying components.
Significant orders could help the small-cap diversify from its mainstay of oil and gas. Hardide produces coatings for metal components used in demanding applications.
The crude downturn has weighed on the Oxfordshire-based company, which has a high exposure to exploration drilling. Full-year revenue plunged by almost 30 per cent to £2.14m in the year to 30 September, while pre-tax losses deepened to £1.46m.
However, signs of improvement exist. Sales to the oil and gas sector more than doubled in the first six months of its financial year.
The company’s share price has also recovered from 0.72p to 1.85p throughout 2017, though it is still some way off the level of 2.35p just before the crude price slump began three years ago.
