Hardide receives 'major' new orders from mystery US oil and gas firm

Advanced surface coating technology group Hardide has received major orders to coat components for a relatively new American multinational oil and gas customer.

Hardide announced the orders on Monday, worth a total of $850,000, but noted that due to the expected timing for the components to be received by the company, not all of the order value was expected to be recognised in its current financial year.

However, Hardide said the orders supported the board's confidence that full-year expectations will be met for the financial year ending 30 September and also provided it with a "solid foundation" for the following financial year.

The AIM-listed group fulfil the order's from its coating facility in Martinsville, USA - following a decision by Hardide back in 2018 to invest in increased coating capacity and a larger pre-treatment line at the site.

Chief executive Philip Kirkham said: "We are very pleased to receive these further orders of significant value from this relatively new customer.

"Our recent investment in capacity at our Martinsville site means that we are able to produce the orders in the US for this US customer."

As of 1310 BST, Hardide shares were up 3.43% at 52.75p.