Hardide PLC on Wednesday said an earnings before interest, tax, depreciation and amortisation breakeven was delivered due to a rise in revenue.

The Oxfordshire, England-based developer and provider of advanced surface coating technology said revenue for the first half of the year ending September 30 was £2.9 million, up 7.4% from £2.7 million a year prior. This was driven by improving market conditions in the oil and gas sector, new project wins and the recovery of input cost inflation in selling prices.

An Ebitda breakeven was achieved, compared to an Ebitda loss of £200,000 a year prior.

Pretax loss narrowed to £608,000 from £771,000 in the first half of financial 2022. Noting ‘no significant changes’ in depreciation or financing costs, administrative expenses were £1.3 million, unchanged from a year prior. Finance costs were £32,000, up from £14,000 in the first half of financial 2022.

Upon its publication of its full-year results for 2022 in February, Hardide said it had implemented initiatives to improve working capital and reduce costs by around £300,000 and £400,000 in the first half of financial 2023.

Hardide did not declare an interim dividend, unchanged from last year.

Looking ahead, Hardide expects positive sales growth to continue into the second half of the financial year and anticipates its full-year performance to be in line with its expectations.

Chief Executive Officer Philip Kirkham said: ‘We were pleased to deliver an Ebitda breakeven performance for the period, bringing us closer to achieving our strategic milestone of becoming Ebitda and operating cash flow positive.’

Shares in Hardide were up 3.7% at 14.00 pence each in London on Wednesday morning.

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