Hardide plc reports revenue growth and loss recuperations in trading update

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Tom Kilkelly

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Hardide plc, the Oxfordshire based coatings technology company, has reported encouraging growth and the recuperation of its losses in the firm's latest financial trading update.

The Group expects to report revenues for FY23 of £5.5 million and an EBITDA that is close to breaking even.

This would indicate a revenue growth of 10 per cent and a significant improvement on the EBITDA loss of £0.9 million in the prior financial year.

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The company's Board expects the Group to deliver further growth in line with its strategy during this new financial year, moving the Group into EBITDA positive territory.

A spokesperson for the firm said: ''The Board is pleased that these results demonstrate the success of initiatives announced in December 2022 to focus on profit and working capital improvement initiatives. The benefit of these in the financial year amounted to £0.7 million, double initial expectations.

''The Board is determined to accelerate revenue growth from business development, sales, marketing and other commercial initiatives without compromising its disciplined approach to costs and working capital management.

''This will allow existing production capacity to be better utilised and support the business in becoming cash generative and then earnings per share positive, in line with the strategy set out in February 2023.''

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.