Hardide confident on long-term prospects

In a statement ahead of its annual general meeting, the group said it continues to make good progress in diversifying its customer base.

However, it said demand from the upstream oil and gas market is very subdued. The company, which is due to publish its half year results in late May, said it would continue to monitor the oil and gas markets closely and is keeping its cost base under tight control.

“The technical approval of the coating by Airbus, the recently-announced long-term supply contract for components for the revolutionary X-ray baggage scanner and other potentially high-value applications currently in test give the board confidence about the medium and long term prospects of the company,” it said.

Hardide said its new US facility is fully operational and producing good quality coatings on customer parts for verification and life testing, with full-scale production due to start early in the second quarter.

At 1025 GMT, Hardide shares were down 4.2% to 0.91p.