Hardide PLC on Wednesday said it is targeting increased growth as it anticipates annual revenue to climb.

The Oxfordshire, England-based developer and provider of advanced surface coating technology said for the financial year 2023 that ended on September 30, it expects revenue to grow 10% to £5.5 million from £5.0 million a year prior.

Further, it expects earnings before interest, tax, depreciation and amortisation to be close to break even, swung from an Ebitda loss of £900,000 in financial 2022.

‘The board is determined to accelerate revenue growth from business development, sales, marketing and other commercial initiatives without compromising its disciplined approach to costs and working capital management. This will allow existing production capacity to be better utilised and support the business in becoming cash generative and then earnings per share positive, in line with the strategy set out in February 2023,’ Hardide said.

The company anticipates growth in line with its strategy in the current financial year 2024, eyeing Ebitda to swing positive.

Hardide will release its full-year results in early February.

Hardide shares fell 13% to 13.00 pence each late on Wednesday morning in London.

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