The long, l-o-o-o-o-o-o-o-n-n-n-n-n-g wait for surface coating technology firm Hardide Plc (LON:HDD) to gain approved supplier status from Airbus Group is finally over.
The group’s main customers are in the hard hit oil and gas sector but since 2005 the company has been coating aerospace components and courting Airbus as a potential customer.
It announced on Wednesday that the final part of the approval process is complete, following technical qualification, as announced in December 2015, of the Hardide-A coating by Airbus as an alternative to hard chrome plating.
Airbus and its component suppliers are now able to place production orders with Hardide to coat aircraft components and the company is already in commercial discussions with several Airbus sites about the coating of specific components. Nonetheless, the board does not expect there to be any material change to the revenue forecasts for this financial year.
Separately, Hardide said it continues to make good progress towards gaining the aerospace industry's Nadcap accreditation.
"Aerospace is a cornerstone of Hardide's growth strategy and today's announcement enables us to move significantly along that path," said Hardide’s chief executive, Philip Kirkham.
Shares in Hardide rose 12.4% to 1.04p on the news.