30th Apr 2014 14:22
LONDON (Alliance News) - Hardide PLC said Wednesday that its results for the half year to end-March will be in line with expectations, and ahead of the second half of the prior year.
The advanced surface coating technology company said the first half of last year benefited from revenues from an oil and gas customer which has subsequently undergone a rapid inventory reduction. This hit its second half of the year to September 30, 2013.
Since then the customer has gradually returned orders to more normal levels, Hardide said.
It is currently undertaking a number of testing programmes, it said, and its programmes with Airbus SAS and AgustaWestland NV continued to progress well.
Its investment in the development of its German business has led to trials with several German companies in the pump and valve and plastic extrusion industries, it said.
Hardide intends to release its half-year results in late May.
"Our revenues are recovering and the board is confident in the outlook for the year," Chief Executive Philip Kirkham said in a statement.
Shares in Hardide were trading up 5.7% at 1.66 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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