Hardide warns of decreased demand continuing in to new year

Hardide said it had "started to see the risk" of slower demand following what had previously been a summer full of "robust customer demand" as order book delays began to come through.

The AIM-listed group stated that its order book had been particularly impacted by a delay to a large order from an unnamed major oil well operator.

As far as the numbers were concerned, Hardide expects revenues to be at least £4.7m, while its adjusted underlying loss was pegged to be roughly £500,000.

However, Hardide did note that due to its strategy of maintaining a "substantial cash buffer" to cover unexpected downturns, based on current sales projections, it had "sufficient cash reserves" for the medium to long-term.

As of 1055 BST, Hardide shares were down 1.97% at 29.90p.