Hardide revenues on the rise as sales mix improves

Surface coating technology developer Hardide expects to report revenues of roughly £5m for the year ending 30 September, reflecting an improved sales mix and continued investment into the group.

Hardide said on Thursday that underlying earnings were set to be in line with expectations as early indications of strong demand across its target markets continued throughout the year.

The AIM-listed company said sales to its major flow control customer in North America more than doubled during the year and highlighted increases in sales to the precision engineering sector and the coating of industrial diamonds for use in the oil and gas industry.

Fitting-out of Hardide's new UK premises has begun, with relocation to the new facility currently on track for September 2020.

Chief executive Philip Kirkham said: "We are pleased to announce the second consecutive year of record sales revenue. Revenue for the second half-year is expected to be approximately 13% ahead of the first half and the full year approximately 9% ahead of the last financial year.

"Demand remains strong and we are optimistic about further growth in the year ahead."

As of 0920 BST, Hardide shares had climbed 4.83% to 76p.