Hardide orders three new coating reactors

Two of Hardide's new reactors will be installed in its new 20,000 square foot premises in Bicester, with the group removing and relocating its three existing reactors.

The third new reactor will be installed in Martinsville, Virginia in Spring 2020, taking the number of reactors at its Stateside location to four.

Hardide will have nine reactors once the new ones can be installed, providing it with "a significant increase in production capacity" in anticipation of "increased demand".

The AIM-listed group said it was making "good progress" with its planning for transitioning to the new Bicester site, with the new facility set to double the floor space currently available and enable operational efficiencies across "a much-improved layout". The move to the new site was expected to be completed by September 2020.

Chief executive Philip Kirkham said: "Placing the orders for these new reactors is a signal of the confidence that the directors have in the prospects for future business growth in the UK and North America.

"We have several exciting test programmes underway and are looking forward to the migration to our new and expanded UK facility."

As of 0820 BST, Hardide shares had climbed 5.59% to 74.97p.