logo-loader
RNS
viewHardide Plc

Interim Results

/**/ h1{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;} .q{size:612.0pt 792.0pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.q{}p.eh{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-left: 10.0pt; text-align: justify}p.ei{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.05pt;margin-right:0cm;margin-bottom: 0cm;margin-left:15.4pt;margin-bottom:.0001pt}p.ej{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.25pt}span.ed{font-size:9.5pt}h1.eb{margin-bottom: 0cm; margin-left: 147.25pt; margin-right: 143.15pt; margin-top: 2.85pt; text-align: center}p.ek{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold}p.el{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-left:141.9pt}p.em{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.5pt} span.dy{font-size:10.5pt}h1.dw{margin-bottom: 0cm; margin-left: 147.1pt; margin-right: 150.0pt; margin-top: 0cm; text-align: center}p.en{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-bottom: 0cm; margin-left: 127.6pt; margin-right: 150.0pt; margin-top: .05pt; text-align: center}p.eo{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-left:10.0pt;text-align:justify}p.ep{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.05pt}h1.ds{margin-top:.05pt;text-align:justify}table.eq{margin-left:24.95pt;border-collapse:collapse}td.dp{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt}p.er{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:46.0pt;margin-bottom:.0001pt;text-indent:-18.0pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-left:18.0pt}span.dr{font-family: Symbol} td.dn{width:407.35pt;padding:0cm 5.4pt 0cm 5.4pt}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";}span.do{letter-spacing:-.65pt}span.dm{letter-spacing: -.9pt}span.dl{letter-spacing:-.4pt}span.dk{letter-spacing:-.7pt}span.dj{letter-spacing:-.45pt}span.di{letter-spacing:-.95pt}p.e,li.e,div.e{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";}h1.dg{text-align:justify} table.es{width:432.1pt;margin-left:24.95pt;border-collapse:collapse}td.df{width:10.25pt;padding:0cm 5.4pt 0cm 5.4pt}td.de{width:400.25pt;padding:0cm 5.4pt 0cm 5.4pt}span.dd{font-family: "Arial","sans-serif"}td.dc{width:379.15pt;padding:0cm 5.4pt 0cm 5.4pt}span.db{font-size: 12.0pt;font-family:Symbol}td.da{width:369.9pt;padding:0cm 5.4pt 0cm 5.4pt}td.cz{border:none;padding:0cm 0cm 0cm 0cm}td.cy{border:none}p.et{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.05pt;margin-right:0cm;margin-bottom: 0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify} p.eu{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; margin-bottom: 0cm; margin-left: 10.0pt; margin-right: 0cm; margin-top: .05pt; text-align: justify}table.ev{margin-left:5.75pt;border-collapse:collapse}tr.cp{height:18.95pt}td.cs{width:294.2pt;padding:0cm 0cm 0cm 0cm; height:18.95pt}p.ew{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";font-weight: bold; line-height: 11.25pt; margin-left: 1.1pt}span.cu{font-family:"Calibri","sans-serif"}td.cq{width:149.55pt;padding:0cm 0cm 0cm 0cm; height:18.95pt}p.j,li.j,div.j{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";}span.cr{font-family:"Times New Roman","serif"}tr.cg{height:67.05pt} td.ck{width:294.2pt;padding:0cm 0cm 0cm 0cm; height:67.05pt}p.ex{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";font-weight: bold; margin-bottom: 0cm; margin-left: 1.1pt; margin-right: 0cm; margin-top: 5.7pt}span.co{font-family: "Calibri","sans-serif"}p.ey{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-top:0cm;margin-right:95.4pt;margin-bottom: 0cm;margin-left:1.1pt;margin-bottom:.0001pt}p.ez{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-left:1.1pt;line-height:13.35pt}td.ch{width:149.55pt;padding:0cm 0cm 0cm 0cm; height:67.05pt}p.fa{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-top:.2pt}p.fb{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-bottom: 0cm; margin-left: 0cm; margin-right: 12.5pt; margin-top: .05pt; text-align: right}tr.cb{height:40.3pt}td.ce{width:294.2pt;padding:0cm 0cm 0cm 0cm; height:40.3pt} p.fc{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-left:1.1pt}td.cc{width:149.55pt;padding:0cm 0cm 0cm 0cm; height:40.3pt}p.fd{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-bottom: 0cm; margin-left: 0cm; margin-right: 9.95pt; margin-top: 5.7pt; text-align: right}tr.bv{height:32.4pt}td.by{width:294.2pt;padding:0cm 0cm 0cm 0cm; height:32.4pt}p.fe{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";font-weight: bold; margin-bottom: 0cm; margin-left: 1.1pt; margin-right: 0cm; margin-top: 5.75pt}p.ff{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-left:1.1pt;line-height:12.25pt}td.bw{width:149.55pt;padding:0cm 0cm 0cm 0cm; height:32.4pt}p.fg{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Arial","sans-serif";margin-bottom: 0cm; margin-left: 0cm; margin-right: 9.9pt; margin-top: 5.75pt; text-align: right}p.fh{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; margin-top: .45pt} span.bt{font-size:8.5pt}h1.br{margin-top:2.8pt;line-height:13.35pt}p.fi{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-left:10.0pt;line-height:13.35pt}span.bq{color:windowtext}span.bo{font-size:9.0pt}p.fj{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:2.8pt;margin-right:5.6pt;margin-bottom: 0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify}span.bn{letter-spacing:-.6pt}span.bm{letter-spacing: -.65pt}span.bl{letter-spacing:-.75pt}span.bk{letter-spacing:-.8pt} span.bj{letter-spacing: -.75pt}span.bi{letter-spacing:-.3pt}span.bg{font-size:11.5pt}h1.bf{margin-top:.05pt}p.fk{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-left: 10.0pt}p.fl{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-top: .5pt}p.fm{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:0cm;margin-right:5.55pt;margin-bottom: 0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify}p.fn{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-right:5.55pt;text-align:justify}h1.ba{margin-top:1.95pt;text-align:justify}p.fo{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-top: .05pt} p.fp{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:0cm;margin-right:5.65pt;margin-bottom: 0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify}p.fq{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:.4pt}span.aw{font-weight:normal}p.fr{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:0cm;margin-right:5.6pt;margin-bottom: 0cm;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify}span.at{font-size:11.0pt;line-height:186%;font-family:"Calibri","sans-serif"}br.au{page-break-before:always}.r{size:612.0pt 792.0pt;margin:68.0pt 66.0pt 14.0pt 62.0pt;}div.r{}p.fs{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:10.0pt;text-autospace:ideograph-numeric ideograph-other}span.as{font-size:10.0pt;font-family:"Arial","sans-serif"} p.ft{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";text-autospace:ideograph-numeric ideograph-other}table.fu{margin-left:-5.4pt;border-collapse:collapse}td.ao{width:187.65pt;padding:0cm 5.4pt 0cm 5.4pt}p.fv{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; text-autospace: ideograph-numeric ideograph-other}td.am{width:75.35pt;padding:0cm 5.4pt 0cm 5.4pt}p.fw{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; text-align: center; text-autospace: ideograph-numeric ideograph-other}p.fx{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align: center; text-autospace: ideograph-numeric ideograph-other}td.ak{width:187.65pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.aj{width:75.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ai{width:187.65pt;border:none;padding:0cm 5.4pt 0cm 5.4pt} td.ah{width:75.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}span.af{font-size:10.0pt;font-family:"Times New Roman","serif"}p.fy{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;text-autospace:ideograph-numeric ideograph-other}span.ae{font-family:"Arial","sans-serif"}p.fz{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-top:3.95pt;margin-right:247.35pt;margin-bottom: 1.95pt;margin-left:10.0pt;line-height:186%}td.ab{width:75.4pt;padding:0cm 5.4pt 0cm 5.4pt}td.aa{width:75.4pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.z{width:75.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}table.ga{margin-left:-7.1pt;border-collapse:collapse}td.y{width:188.45pt;padding:0cm 5.4pt 0cm 5.4pt} td.x{width:75.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.w{width:188.45pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.v{width:75.65pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.u{width:188.45pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.t{width:75.65pt;border:none;padding:0cm 5.4pt 0cm 5.4pt} /**/
RNS Number : 8864Y
Hardide PLC
14 May 2019
 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

14 May 2019

 

Hardide plc

 

("Hardide" or "the Group" or "the Company")

 

Interim Results

for the six months ended 31 March 2019

 

Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, today announces its results for the six-month period ended 31 March 2019.

 

Financial Highlights

·    

Record revenue for a first half-year - up by 9% to £2.35m (H1 2018:
£2.16m)

·    

Gross profit of £1.05m (H1 2018:
£1.15m)

·    

Group operating loss of £0.66m (H1 2018: £0.32m
loss)

·    

EBITDA loss of £0.44m (H1 2018: loss of
£0.14m)

·    

Successful fundraising of £3.60m (before
expenses) in March 2019 to fund continuing investment and long-term growth

·    

Cash at bank at 31 March 2019 of £5.35m (£3.23m at 31 March
2018)

 

Operational Highlights

·    

Diversification of customer base continues - half of revenues in H1 attributable to customers gained in the last three years

·    

Sales to customers in North America increased by 32%

·    

Increased sales of 52% in flow control

·    

Encouraging progress being made in aerospace sector:

-    

first Airbus A380 component selected for Hardide coating

-    

numerous components for Airbus in final stages of evaluation

-    

first coated components currently in-flight testing on an Airbus A321 with a global MRO (maintenance, repair and overhaul) customer

-    

Leonardo Helicopters began process to make Hardide an approved supplier for flying parts

·   

Third coating reactor and large pre-treatment line installed in Martinsville

 

·    

Order placed for the first coating reactor for the new Bicester site

·    

Aerospace coating (Hardide-A) produced at the US facility for the first time

·    

Successful completion of 'Innovate UK' grant-funded project to produce an ultra-low temperature coating process

·    

Two National Aerospace Technology Exploitation Programme (NATEP) grant-funded projects started

·    

A new international PCT patent was submitted protecting the latest developments and improvements in the coatings

       

 

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

 

"The Group is pleased to have achieved record sales revenue for a first half during this period. This was despite some short-term disruption with one customer and the unpredictability of larger customer projects, which have led us to now expect full-year revenues to be at the lower end of market expectations. More than half of demand in the period was from customers gained within the last three years. Customer and sector diversification are key strategic objectives for the Group and the Board is pleased with the progress being made.

 

"Indications are that demand will remain strong from customers in the oil and gas, flow control and precision engineering sectors and the Board is pleased with the advances being made towards production orders from aerospace customers in the UK and US. The announcement today with regard to our Hardide-A coating being selected by Airbus is particularly pleasing and a testament to the quality of our offering.

 

"We remain highly optimistic about the longer-term outlook for the business."

 

 

Enquiries:

 

Hardide plc

Robert Goddard, Non-Executive Chairman

Philip Kirkham, CEO

Jackie Robinson, Communications Manager

 

Tel: +44 (0) 1869 353 830

IFC Advisory

Graham Herring / Heather Armstrong / Florence Chandler

Tel: +44 (0) 2039 346 630

finnCap

Henrik Persson / Kate Bannatyne / Matthew Radley

Tel: +44 (0) 2072 200 500

 

Notes to editors:

www.hardide.com

 

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.

 

 

CHAIRMAN'S STATEMENT

 

Introduction

 

The Group had record sales revenue for a first half in the six months to 31 March 2019, with more than half coming from new customers gained within the last three years. Customer and sector diversification are key strategic objectives for the Group and the Board is pleased with the progress being made.

 

Demand is strong from new and existing customers in the UK and North America. Sales to customers in North America increased by 32% compared with the same period last year and the US facility is operating well and producing an excellent quality of product.

 

Demand from some of our newly-established customers is heavily project-based. This means that we see large, discrete orders on unpredictable timescales, thereby limiting visibility over when revenue will be recorded. As the overall number of clients grows, so diversifying our revenue stream, the individual impact of any one project will decline. The medium- and long-term trends continue to look promising and we are very pleased to be attracting customers of this calibre.  Certain customer orders that we expected in the first half are now likely to be in H2.

 

In H1, one of our significant oil and gas customers made adjustments to the design of the product that uses the components that we coat. They also changed the manufacturer of the parts. This has delayed the phasing of orders for these components from H1 to H2 2019. However, recently there has been a return of demand for these components and our customer expects this to continue throughout H2.

 

Financial Results

 

The Group is reporting H1 2019 revenue of £2.35m, an increase of 9% compared with the same period last year (H1 2018: £2.16m), with Group gross profit of £1.05m (H1 2018: £1.15m). Whilst revenue is up, gross profit was affected adversely by the impact of the product mix.

 

Overheads of £1.48m (H1 2018: £1.29m) increased, primarily due to a strategic investment in a new US‑based business development engineer and the planned increase in sales and marketing expenditure. In addition, there was a rise in operational costs at the US site due to the newly-installed third reactor, together with the annual pay award made to all UK and US staff.

 

The Group made a loss before interest, tax, depreciation and amortisation of £0.44m (H1 2018: loss

£0.14m) and an operating loss of £0.66m (H1 2018: loss of £0.32m).

 

During the period, the Group raised £3.60m (before expenses) in a fundraising and undertook a share capital consolidation such that every 40 Ordinary 0.1p Shares in issue were consolidated into 1 New Ordinary 4p Share. Primarily, the proceeds will be used to fund the purchase of three more coating reactors and to move the Company's facilities to new premises nearby where there will be double the floor space. An update on progress in deploying these funds is set out in the Operational Overview below.

 

Operational Overview

 

The demand from oil and gas customers continued, with sales being similar to those in H1 2018. The exception was the reduced demand from the major customer mentioned earlier, which was offset by sales of new applications for UK and US customers, and by the return of demand for Hardide‑coated industrial diamonds. Sales to flow control customers increased by 52%; a contributing factor being the specification of the Hardide coating on new product ranges for a US pump manufacturer following successful development work last year.

 

There was encouraging progress in the aerospace sector, with the first coated parts selected for the Airbus A380. These will be replacements for hard chrome plated wing compression flap pads. Numerous other components for the Airbus range of aircraft are currently in the final stages of evaluation prior to approval. A global MRO customer has put the first Hardide-coated components on an Airbus A321 for flight testing prior to approval. A US aerospace customer has also indicated its selection of Hardide for coating certain of their components. This will be the subject of a separate announcement once it has been formally approved by the customer.

 

The US facility in Martinsville is operating well and Hardide-A, the coating developed specifically for the aerospace sector, was successfully produced there for the first time as work continues to prepare the site for processing aerospace components following its approval to aerospace quality management standard AS9100 RevD in 2018.

 

Good progress was made in the development of a coating for turbine blades and this has been identified as a product with excellent prospects. Tests commissioned by our customer EDF Energy indicate that the coating can extend the life of steam turbine blades through significantly enhanced resistance to erosion by solid particles and high-speed water droplets. In March 2019, at a joint presentation by EDF Energy and Hardide Coatings to a meeting of the Steam Turbine Users Group, there was considerable interest from several turbine manufacturers. EDF Energy is now developing plans to begin field testing of Hardide-coated blades in a power station turbine. A new international PCT patent incorporating this application was submitted and if granted, will protect the latest developments and improvements in the coatings. This is a long-term project significant potential for developments of markets and of IP.

 

The Innovate UK grant for the project to develop and characterise the new, low-temperature Hardide coating process was completed successfully at the end of H1 2019. This widens the range of metals and applications that are suitable for Hardide coating and includes many steels used in the aerospace and oil and gas sectors. Hardide-T and Hardide-A, the two most frequently used coatings are now available in low‑temperature variants, Hardide-LT and Hardide-LA. A global leader in the energy industry has already ordered the first parts for low temperature coating.

 

Work started on two, 18-month long projects to apply Hardide's new low-temperature coating in the aerospace sector and develop new finishing techniques. These have been part-funded by the National Aerospace Technology Exploitation Programme (NATEP) and are being carried out in collaboration with Airbus, Leonardo Helicopters and other industry partners. Working with NATEP is already presenting new opportunities for disseminating information about Hardide coatings to the wider aerospace sector.

 

Following the raising of £3.60m (gross) in March 2019, detailed plans are being developed for the move of the UK facility to a new, larger site nearby in Bicester. We expect costs in this regard to be approximately £200k in the second half. Planning is underway for a staged move, which is expected to be complete by September 2020.

 

An order has been placed for the first of three new coating reactors and design of the Group's first larger‑capacity reactor has begun. This reactor and a new pre-treatment facility are being designed to accommodate bigger components, including turbine blades used in the power generation industry and various aircraft landing gear components.

 

Summary and Outlook

 

Indications are that demand will remain strong from customers in the oil and gas, flow control and precision engineering sectors and the Board is pleased with the advances being made towards production orders from aerospace customers in the UK and US.

 

Due to the project-based nature of demand from several large customers, prediction of revenue over the short term has always been difficult. Now that we have more project-based customers, sales forecasting has become even more challenging. In future, our increasingly diversified customer base will help smooth these fluctuations. Against this background, we expect revenue for the full year to be at the lower end of market expectations and for EBITDA to be broadly break-even for the second half (before costs associated with the move of facilities as set out above), dependent on the product mix and the phasing of costs associated with the move to new premises.

 

Accordingly, we remain highly optimistic about the longer-term outlook for the business.

 

Robert Goddard

Chairman

14 May 2019

 

Consolidated Statement of Comprehensive Income

For the period ended 31 March 2019

 

£ 000

 

6 months to

31 March 2019

(unaudited)

6 months to

31 March 2018

(unaudited)

Year to

30 September 2018

(audited)

 

 

 

 

Revenue

2,346

2,158

4,613

Cost of Sales

(1,300)

(1,004)

(2,201)

 

 

 

 

Gross profit

1,046

1,154

2,412

 

 

 

 

Administrative expenses

(1,482)

(1,294)

(2,711)

Depreciation

(226)

(178)

(373)

Provision for grant repayment

-

-

(246)

 

 

 

 

Operating (loss)/ profit

(662)

(318)

(918)

 

 

 

 

Finance income

6

3

8

Finance costs

(1)

(2)

(3)

 

 

 

 

Loss on ordinary activities before tax

(657)

(317)

(913)

 

 

 

 

Tax

-

-

48

 

 

 

 

Loss on ordinary activities after tax

(657)

(317)

(865)

 

 

 

Consolidated Statement of Changes in Equity

For the period ended 31 March 2019

 

£ 000

 

6 months to

31 March 2019

(unaudited)

6 months to

31 March 2018 (unaudited)

Year to

30 September 2018

(audited)

 

 

 

 

Total equity at start of period

5,079

3,291

3,291

 

 

 

 

Profit / (loss) for the period

(657)

(317)

(865)

 

 

 

 

Issue of new shares

3,451

2,470

2,533

 

 

 

 

Exchange differences on translation of foreign operation

6

(85)

47

 

 

 

 

Share options

40

19

73

 

 

 

 

Total equity at end of period

7,919

5,378

5,079

 

 

 

 

Consolidated Statement of Financial Position

As at 31 March 2019

 

£ 000

 

31 March 2019

(unaudited)

31 March 2018

(unaudited)

30 September 2018

(audited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Non-current assets

 

 

 

Investments

-

-

-

Goodwill

69

69

69

Intangible assets

24

1

25

Property, plant & equipment

2,122

1,610

2,033

 

 

 

 

Total non-current assets

2,215

1,680

2,127

 

 

 

 

Current assets

 

 

 

Inventories

357

218

286

Trade and other receivables

773

665

749

Other current financial assets

198

188

265

Cash and cash equivalents

5,348

3,233

3,302

 

 

 

 

Total current assets

6,676

4,304

4,602

 

 

 

 

Total assets

8,891

5,984

6,729

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

539

541

1,336

Financial liabilities

37

2

10

Provision for grant repayment

246

-

246

 

 

 

 

Total current liabilities

822

543

1,592

 

 

 

 

Net current assets

5,854

3,761

3,010

 

 

 

 

Non-current liabilities

 

 

 

Financial liabilities

150

63

58

 

 

 

 

Total non-current liabilities

150

63

58

 

 

 

 

Total liabilities

972

606

1,650

 

 

 

 

Net assets

7,919

5,378

5,079

 

 

 

 

Equity attributable to equity holders of the parent

 

 

 

Share capital

3,645

3,393

3,405

Share premium

15,887

12,625

12,676

Retained earnings

(11,583)

(10,377)

(10,925)

Share-based payment reserve

348

254

308

Translation reserve

(378)

(517)

(385)

Total equity

7,919

5,378

5,079

 

 

Consolidated Statement of Cash Flows

For the period ended 31 March 2019

 

£ 000

 

6 months to

31 March 2019

(unaudited)

6 months to

31 March 2018

(unaudited)

Year to

30 September 2018

(audited)

 

 

 

 

Cash flows from operating activities

 

 

 

Operating profit / (loss)

(662)

(318)

(918)

Impairment of intangibles

3

-

2

Depreciation

223

178

371

Share option charge

40

21

73

(Increase) / decrease in inventories

(71)

(58)

(124)

(Increase) / decrease in receivables

56

2

(149)

Increase / (decrease) in payables

(797)

52

793

Exchange rate variance

-

(25)

-

Increase in provisions

-

-

246

 

 

 

 

Cash generated from operations

(1,208)

(148)

294

 

 

 

 

Finance income

6

3

8

Finance costs

(1)

(2)

(3)

Tax received / (paid)

-

9

93

 

 

 

 

Net cash generated from operating activities

(1,203)

(138)

392

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of property, plant, equipment

(321)

(360)

(887)

 

 

 

 

Net cash used in investing activities

(321)

(360)

(887)

 

 

 

 

Cash flows from financing activities

 

 

 

Net proceeds from issue of ordinary share capital

3,451

2,470

2,533

Loans raised

128

51

55

Loans repaid

(9)

-

-

Finance lease repayment

-

(2)

(3)

 

 

 

 

Net cash used in financing activities

3,570

2,519

2,585

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

2,046

2,021

2,090

 

 

 

 

Cash and cash equivalents at the beginning of the period

3,302

1,212

1,212

 

 

 

 

Cash and cash equivalents at the end of the period

5,348

3,233

3,302

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR BRGDUGXBBGCX

Quick facts: Hardide Plc

Price: 73.5

Market: AIM
Market Cap: £36.12 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE