Hardide trades in line with expectations as oil markets subside

Advanced surface coating technology company Hardide posted a pre-close trading update ahead of ts preliminary results for the year to 30 September on Tuesday.

The AIM-traded firm said it expects to report results in line with current market expectations, with the second half seeing an improvement over the first as projected in its interim results.

Its board said there have been signs of a slow recovery from oil and gas markets, both from existing customers and from new opportunities.

“Our progress towards gaining aerospace business following Airbus technical approval is on-track and is looking positive across a range of applications for Airbus and other customers,” it said.

“Our new US coatings facility in Virginia has achieved the required major customer approvals after extensive verification trials and is now regularly producing revenue.

“The recent successful fundraising totalling £1.6m will enable the company to progress with its plans for future developments and growth.”

Hardide’s board confirmed it expects to release preliminary results on 12 December.