Hardide PLC on Monday said it expects to post a fall in annual revenue for its 2024 results, despite stronger second-half sales.
The Oxfordshire, England-based provider of advanced surface coating technology expects to report revenue of £4.7 million for the financial year that ended September 30, falling 15% from £5.5 million the year before.
It said second-half trading was stronger than its first half, with second-half sales estimated to have risen by 24% to £2.6 million from GPB2.1 million in the first half. However, Hardide said it now expects some delays in new business works in the first half of financial 2025.
It estimates that adjusted earnings before interest, tax, depreciation and amortisation will break even, compared to a loss of £100,000 last year.
Hardide is due to announce its full-year results in late January 2025.
Chief Executive Officer Matt Hamblin said: ‘We are working hard on sales and business development activities to support the group’s strategy of accelerating revenue growth, and taking a more entrepreneurial and holistic approach in identifying and assessing market opportunities, with particular focus on areas where we offer customers true differentiation: typically, improved product life cycles in challenging operating environments, together with non-line of sight coating capability; better utilisation of existing spare capacity, driving returns from our well-invested asset base; and prioritising opportunities that will realise additional revenues and profit in the short to medium term.
‘Whilst some of our traditional base load oil and gas business came to an end in financial 2024 and some [original equipment manufacturers] continue to seek to reduce inventory holdings, we expect to see a strong recovery in revenues in financial 2025. We already have visibility of new work from the aerospace sector and anticipate growing revenues from our enhanced product range launched six months ago.
‘This is an exciting time to have joined Hardide as CEO, with the business now increasingly well-positioned to deliver profitable growth.’
Shares in Hardide were down 1.4% at 5.30 pence each in London on Monday afternoon.
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