Manufacturer Hardide predicts 40 per cent revenue rise on previous year

Hardide, the Bicester-based developer of advanced surface coating technology, has said that revenues for the year to 30 September are expected to be around £5 million, up almost 40% on the previous year.

In a Year End Trading Update issued today, the company said: "The volatility in the company's key markets has influenced revenue for FY22. This was driven by lengthened raw material lead times for customers and delays in certain project orders originally scheduled for the final quarter of FY22. None of these delayed orders have been lost and will now be recognised in the new financial year starting 1 October 2022. The Group is not experiencing any negative effect because of current exchange rates."

Last month the company raised more than half a million pounds in half a day to “satisfy the company’s near-term cash requirements.”

The Group says it continues to maintain strict cost and investment discipline as well as exploring options for raising new working capital support. Approximately half of the delayed cash receipt from a significant customer was received prior to year-end, with the balance expected soon. The Group is also in final contract negotiations on a sale and leaseback arrangement for its property in Martinsville, USA which will, when completed, make a substantial contribution to the Group's financial position.  

The company added: "Despite well-documented headwinds, we start the current financial year with a strong order book and, with revenues from certain contracts arriving in this financial year 2023, the Board maintains a positive outlook for the business beyond the near term as supply chains stabilise and markets continue their recovery. The Company sees clear potential for the current financial year to show considerable improvement on recent years and the Board is optimistic about the future."