Hardide plc (AIM: HDD ) has announced 1H20 revenue to 31 March 2020 was up more than 25% on the same period last year and announced production is currently unaffected by COVID-19
The Group's facilities in Bicester, Oxfordshire, UK and Martinsville, Virginia, USA are continuing to coat product as normal at present.
In the first half of the financial year, the Company has seen strong demand strong from customers in the oil and gas, flow control and precision engineering sectors.
Importantly, The Board has not yet seen any significant reduction in orders planned for the second half of FY20 but is acutely aware customers, particularly in the oil and gas sector, may defer investment decisions.
Although the aircraft industry has also been seriously affected, there has been no impact on the development and discussions underway between the Company and Airbus and their Tier 1 suppliers on converting components away from hard chrome plating to Hardide-A coating with the programme of work to gain approval for the new site in Bicester with Airbus continues. Development work with Leonardo Helicopters and other aerospace companies, both in the UK and the US, have also been unaffected to date.
Shares in Hardide have increased 35% in early morning trading
The internal fit-out of the new Bicester facility has been completed and the transition to the new site currently remains on plan for completion during September 2020, although the current situation with COVID-19 may cause some delay.
Following the fundraise in January 2020 the Company has a strong cash position further strengthened by a recent £4m asset finance agreement with Hitachi Capital. Given the global situation the Company continue to monitor and review discretionary spending and implementing cost savings where appropriate.