StockMarketWire.com - Surface coating technology Hardide said it expected revenue for the full year to be at the lower end of market expectations as first-half losses widened due to some short-term disruption and the unpredictability of larger customer projects.

'The Group is pleased to have achieved record sales revenue for a first half during this period. This was despite some short-term disruption with one customer and the unpredictability of larger customer projects, which have led us to now expect full-year revenues to be at the lower end of market expectations,' the company said.

For the six months to 31 March, losses widened to £0.657m from £0.317m a year earlier, while revenue rose 9% to £2.35m.

Sales to flow control customers increased by 52% driven largely by an order from for new product ranges from a US pump manufacturer following successful development work last year.

The demand from oil and gas customers continued, with sales similar to that of the same period last year, but the exception was the 'reduced demand from the major customer mentioned earlier, which was offset by sales of new applications for UK and US customers, and by the return of demand for Hardide‑coated industrial diamonds,' the company said.

The company also said the backdrop for the industry would remained strong.

'Indications are that demand will remain strong from customers in the oil and gas, flow control and precision engineering sectors and the Board is pleased with the advances being made towards production orders from aerospace customers in the UK and US. The announcement today with regard to our Hardide-A coating being selected by Airbus is particularly pleasing and a testament to the quality of our offering.'


At 9:29am: [LON:HDD] Hardide PLC share price was -0.5p at 54.5p



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