StockMarketWire.com - Surface coating supplier Hardide reported wider losses amid weaker sales to the oil and gas sector.

For the year ended 30 September, pre-tax losses widened to £1.19m from £913K on-year, even as revenue rose 10% to £5.1m.

Sales to the oil and gas sector were down 9% as the phasing of demand from two customers weighed on performance.

Gross margin fell to 48% from 52% due to an adverse product mix, the company said. 'The start to the new financial year has been strong and the board is confident of continued revenue growth and business diversification in the coming year,' Hardide said.

'The board expects gross profit margins to remain at levels comparable to the second half of fiscal 2019.'

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