Hardide sees full-year revenue ahead of market expectations

AIM-listed Hardide said on Wednesday that revenue for the year to 30 September is expected to be ahead of market expectations thanks to stronger-than-anticipated demand from two major supply agreements.

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The company, which develops and provides advanced surface coating technology, said revenue will exceed £4.4m, while earnings before interest, taxes, depreciation and amortisation will be in line with market forecasts.

Hardide attributed the record revenue to stronger-than-expected demand from two supply agreements, one with a "major" international oil and gas operator and the other with a global provider of drilling completion technology. It also pointed to the general recovery in demand from the oil and gas sector.

Chief executive officer Philip Kirkham said: "We are pleased to announce record revenue underpinned by a recovery in demand from the oil and gas sector, particularly from new customers with applications where the Hardide coating offers them significant technical and commercial advantages. We are continuing to work with these customers to explore further opportunities and are optimistic for the future.

"The company looks forward to reporting its preliminary results for the year to 30 September 2018 on or around 10 December 2018."

At 1600 BST, the shares were up 4.9% to 1.94p.