Hardide reiterates cautious optimism for rest of financial year

Surface coating technology company Hardide reiterated its cautiously optimistic outlook in an update on Thursday, reporting some growth across its key markets of energy, aerospace, and industrial products.

The AIM-traded firm, which was holding its annual general meeting, said it expected first-half sales to be around 7% higher than the same period last year.

It said it expected that growth momentum to continue into the second half, based on discussions with customers.

However, the board acknowledged the challenging economic environment across its markets, and the impact of that on the timing of customer orders.

Certain project orders had already been delayed by customers into the first half of the 2024 financial year.

The directors said they were taking a cautious approach to revenue, adding they were aware of the level of uncertainty in the timing of customer projections inherent in its key market segments.

“Actions already taken to improve profitability and cash flow by £0.4m this financial year, as previously announced, have lowered the break-even point of the group, supporting current market expectations for full-year EBITDA performance,” Hardide said in its statement.

“The board looks forward to providing a more detailed update with its forthcoming financial results for the six months ending 31 March, which are expected to be published on 17 May.”

At 0910 GMT, shares in Hardide were down 8.7% at 10.5p.

Reporting by Josh White for Sharecast.com.