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Hardide

  • BY: Andrew Hore |
  • POSTED: 23/03/2015 |

Surface coating technology developer Hardide has agreed a one year extension to its supply agreement with General Electric, which involves coating components for the multinational. 

The supply agreement will last until February 2017 and this should add an additional $700,000 of revenues, taking the total to $2m. The agreement could still be extended to February 2019.

In January, Hardide signed a lease on a 26,000 square feet facility in Virginia. There are plans to spend $7m (£4.5m) on this facility, which will include new coatings reactors and inspection equipment. This is an area of the US where there are multiple potential aerospace clients.

Last summer, a placing at 1.6p a share raised £2.7m. Amati also converted £633,000 of convertible loan notes into shares at 0.45p each. Net cash was £3.4m at the end of September 2014 and this was expected to reduce to £2.5m in the following 12 months as capital investments are made.

In the first four months of this financial year trading was slightly ahead of budget even though the oil and gas sector is a major generator of business. The interims will be published in late May.

At 1.45p a share, Hardide is valued at £19.4m.

AIM Journal March 2015 available.

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