Hardide in 'sound financial position', YTD trading broadly flat

Chemicals company Hardide said on Monday that it was in "a sound financial position" as it pointed to a broadly flat year-on-year trading performance since the start of the new financial year.

Hardide said trading had remained "largely stable" of late at "around the same levels experienced in the second half of last year", when the effects of the Covid-19 pandemic first impacted its target market sectors.

However, Hardide noted that it expects to see an acceleration of demand, particularly from the oil and gas sector, in the second half of 2021.

"The rise in oil prices to over $60 per barrel, the encouraging increase in the number of working oil and gas rigs in North America and the increasing global demand for oil, gives us confidence that the beginning of recovery is underway," said chairman Robert Goddard at the group annual general meeting.

"The board retains its positive outlook and expectations that demand will return and continue on the upward trajectory that was established before the pandemic."

The AIM-listed outfit also pointed to its solid financial footing, with net proceeds of approximately £1.0m received from a recent fundraising.

As of 1120 GMT, Hardide shares were up 4.59% at 31.90p.