REG-Hardide PLC Trading Update
Released: 22/01/2009
com:20090122:RnsV1074M
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RNS Number : 1074M
Hardide PLC
22 January 2009
Press Release 22 January 2009
Hardide plc
("Hardide" or the "Group")
Trading Update
Hardide plc (AIM:HDD), the provider of unique metal surface engineering
technology, gives the following trading update.
The Group has recently had discussions with a number of its customers in the UK
and US to ascertain the effects of the current global economic outlook on their
production and resultant demand for Hardide's product. A number of Hardide's
customers' markets, particularly in the oil and gas, automotive and construction
industries, have softened to an extent that is likely to result in decreased
orders for Hardide's product and lead to results in the current financial year
being below current market expectations. The Group is seeking firmer forecasts
from these customers and a further announcement will be made when these are
available in sufficient detail. This is expected to be in February 2009.
It is important to note that there has been no reduction in sales as a result of
customer dissatisfaction with Hardide or its coating technology. Results from
recent new application development projects give the Board reason for optimism
about longer term product sales in new markets, as well as continued growth in
current markets.
The Group met its first quarter forecast for the financial year ended 30
September 2009.
Commenting on the announcement, Graham Hine, Chief Executive Officer of Hardide
plc said: "We are facing a situation that is common to many manufacturing and
engineering companies at present, and we will now need to take steps to deal
with the reduction in sales. We continue to make encouraging progress in
developing applications for Hardide both in current and new markets."
- Ends -
For further information:
Hardide plc
Dr Graham Hine, Chief Executive Tel: +44 (0) 1869 353 830
Jackie Robinson, Head of Communications
www.hardide.com
Seymour Pierce Limited
Nicola Marrin Tel: +44 (0) 20 7107 8000
www.seymourpierce.com
Media enquiries:
Abchurch
Chris Lane Tel: +44 (0) 20 7398 7708
chris.lane@abchurch-group.com www.abchurch-group.com
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
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