25th Nov 2013 11:08
LONDON (Alliance News) - Hardide PLC Monday said it swung to a loss in its last financial year as it booked provisions for onerous lease and a writedown of assets and revenues declined.
The company reported a pretax loss of GBP0.9 million for the 12 months to end-September compared with a profit of GBP0.3 million a year earlier, as it booked a GBP0.4 million provision for onerous lease and a GBP0.12 million impairment for its hibernated Houston facility.
The surface coating technology said revenues fell to GBP2.4 million, from GBP2.9 million, which it blamed on a "sudden and significant inventory adjustment by one major customer."
Hardide shares were down 16.6% at 0.938 pence Monday morning, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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