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Hardide shares surge on year-end update as revenues jump
(Sharecast News) - Hardide's share price jumped by a fifth on Wednesday after the industrial coatings company said it expects to report a profit for "the first time in many years".
The company, which specialises in tungsten carbide/tungsten metal matrix composite coatings, pointed to a materially improved EBITDA result for the financial year to 30 September of £1m, compared with a breakeven result previously.
This will see earnings per share push into positive territory, compared with a 1.9p-per-share loss in 2024.
The outlook came alongside a year-end trading update, with revenues jumping 25% to £6.0m, driven by new recurring work in the aerospace sector announced early in the year and new development work won more recently in the energy sector.
Net debt fell to £1.6m by the year-end, down from £2.1m a year before, while the cash balance improved to £0.8m from £0.7m.
"Whilst mindful of continuing global economic uncertainties, the board remains confident in the group's prospects, supported by increasing market adoption of Hardide's unique surface coating technology," the company said.
Hardide said it still expects to double revenues from FY2024 levels to at least £10m over the next few years.
The stock was up 20.3% at 8.9p by 0918 BST.
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