Oxford's Hardide plc records revenues of £2.9m in six month update

Oxford-based developer and provider of surface coating technology Hardide plc has reported encouraging growth in its interim results for the six months ended 31 March 2023.

Revenue was up to £2.9 million, which is a 9 per cent increase over the company's H1 FY2022. Gross profit increased from £1.1 million in H1 FY2022 to £1.3 million, and the company's gross margin improved from the 41 per cent in H1 FY2022 to 47 per cent this time around.

Figures were split between the company's three departments: Energy comprised 64 per cent of Hardide plc's H1 FY2023 sales, with total energy sales being up 29 per cent; Industrial sales comprised 33 per cent of H1 FY2023 sales with total sales being down 17 per cent in this sector; Aerospace comprised the final 3 per cent of sales with a total increase of 10 per cent in sales to the aerospace sector.

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CEO of Hardide plc Philip Kirkham said: "The Group performed well in the first half, with revenues up 9 per cent from H1 FY22 and 22 per cent higher than H2 FY22. This reflected improving market conditions in the oil & gas sector, new project wins and the recovery of input cost inflation in selling prices.

"The Board expects the positive sales growth to continue into the second half year. Therefore, whilst mindful of ongoing external economic uncertainties and headwinds, including further cost inflation, the Board anticipates performance for the full financial year to be in line with its expectations.

"More broadly, the Board believes that the Group will continue to benefit from significant growth potential over the short, medium and longer term from increasing market adoption of our unique patented coatings technology, which helps customers to improve operational efficiency, lower life cycle costs and reduce their carbon footprint."

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