Hardide PLC (AIM:HDD) rocketed a third higher as it signed a 10-year supply agreement with “a major customer in the aerospace sector” for the coating of cargo door components.
The contract will give at least a £0.5 million boost to revenues this year, with total revenues expected to be within the range of £6m to £8m over the 10-year timeframe.
Matt Hamblin, Hardide’s chief executive, said: "We are delighted with this additional work win, this news helps underpin our forecasts for profitable growth in the current financial year and further demonstrates the role our technology can play in sectors requiring advanced surface treatment solutions".
The AIM-listed manufacturer said its tungsten-carbide coatings give better erosion and wear performance than competing options while also complying with the EU’s REACH guidelines.
Shares rose 1.5p to 6.25p.