18th Sep 2014 07:38
LONDON (Alliance News) - Hardide PLC shares were volatile early Thursday after the advanced surface coating technology company said it expects its full-year results to come in ahead of market forecasts.
Hardide shares initially rose 8.4% to 2.25 pence at the open on the news before reversing direction. They are currently down 2.2% at 2.03p.
The company said that following an encouraging first half of the year, its second half has "progressed strongly", and it now expects its results for the year to September 30 to come in ahead of market expectations.
Hardide said the result has been underpinned by the deal it won back in March to supply a coating for a single component currently used by General Electric Company Inc.
The company said it is seeing developing momentum in demand and is now working towards increasing its coating capacity in the UK, backed by the GBP2.7 million the company raised in a conditional placing in July.
Elsewhere, it said it testing programme with Airbus SAS, under which the aerospace group is testing a Hardide coating as an alternative to hard chrome plating in certain applications, is progressing well.
By Sam Unsted; [email protected]; @SamUAtAlliance
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