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AIM-listed surface coating developer Hardide (LON:HDD) revealed that revenues for the year ended 30th September rose by 42% to £4.61 million. Gross profits also grew by 52% to £2.41 million with margins improving by 300 basis points.
Chairman Robert Goddard said: “Hardide has reached an inflexion point, with record sales across all geographies with a 42% year-on-year increase to £4.61m. Oil and gas revenue grew significantly, benefiting from the continued recovery in the sector, with strong sales to new and existing customers.
“We are encouraged by the potential for significant growth in sales to the civil aerospace sector. Having successfully completed technical testing, detailed discussions are underway with Airbus and its tier 1 partners regarding the supply of production parts. Parts for other US and UK aerospace manufacturers are in various stages of development, including the final stages of life testing on transmission parts for Leonardo Helicopters.
“The Board is pleased with the Group’s performance and the positive trading outlook. Our key oil and gas customers are experiencing a broad-based recovery in activity and are predicting that the current positive cycle will continue and that the supply-demand balance will remain favourable. This is positive news for Hardide and supports the Group’s strategy to invest ahead of revenue as it drives towards profitability in the coming year.”
The price of shares in Hardide climbed by 7.17% to 1.42p (as of 10:45 GMT).