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Surface coating developer Hardide (LON:HDD) announced that revenue for the year ending 30th September will be above £4.4 million, exceeding market expectations. EBITDA for the period will be in line with forecasts.
The increase in revenues is largely linked to two existing major supply agreements in the oil and gas sector as well as a general improvement in that sectors’ fortunes. However, complexities in the projects mean that margins for this work are lower than average.
CEO Phillip Kirkham said: “We are pleased to announce record revenue underpinned by a recovery in demand from the oil and gas sector, particularly from new customers with applications where the Hardide coating offers them significant technical and commercial advantages. We are continuing to work with these customers to explore further opportunities and are optimistic for the future”.
Shares in Hardide rose by 5.95% to 1.96p.