Hardide losses widen in H1 as pandemic weighs on energy sales

Tue, 18th May 2021

Surface coating technology provider Hardide reported wider first-half losses as revenue more than halved following the pandemic impact to sales from energy customers. For the six-month period ended 31 March 2021, pre-tax losses widened to £1.5 million from £0.35 million year-on-year as revenue fell to £1.8 million from £3.0m million, in line with H2 2020 and the board's expectations, the company said. 'We are seeing the beginnings of an upturn in overall demand: in H1 2021 energy and flow control sales each increased by 4% from H2 2020 and revenue from aerospace increased by 26%,' it added. Looking ahead, the board remained confident of an improvement in revenues in H2 and into full year 2022, the company said. 'The group's cash position remains sufficient to meet the company's working capital requirements for the foreseeable future, it added. At 9:10am: (LON:HDD) Hardide PLC share price was 0p at 27p Story provided by StockMarketWire.com

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