Hardide expects to deliver profitable growth in current financial year

Hardide, the Oxfordshire-based manufacturer of advanced surface coatings, said it expected to deliver 'profitable growth' in its current financial year and beyond.

Reporting results for the year to end-September 2024 (FY24), the company said there had been an "encouraging recovery" in its second half, with H2 revenues coming in at £2.6 million (m) compared with revenues of £2.1m in the first half.

It added that the business had become cash flow positive towards the end of the financial year.

Management expects strong revenue growth in FY25, it added, with first quarter revenues of £1.3m ahead of the year-earlier period of £1.1m.

Aerospace revenues more than doubled in FY24 and are expected continue growing, it added, with the firm having secured a 10-year supply agreement with a major customer in the first quarter of FY25.

The second quarter is expected to benefit from this new aerospace work.

Energy revenues were recovering, the firm added, following a weak H1, which was impacted by customer de-stocking and some legacy oil and gas work ending.

In a statement, Matt Hamblin, said it was an exciting time to have joined Hardide as its CEO, which had seen a "refreshed, more focused approach to accelerating revenue growth over the short to medium term to utilise spare production capacity".

"We expect Hardide to deliver profitable growth in the current financial year and beyond," he added.