News blog
Hardide
- BY: Andrew Hore |
- POSTED: 05/10/2015 |
A reassuring trading statement from specialist coatings company Hardide did not stop the share price drifting lower.
At 0.88p a share, down 0.05p, the share price is less than three fifths the level it was one year ago.
Trading is in line with expectations. The weak oil price has hit demand in that sector so the second half was weaker. Winning work in new sectors, such as aerospace and plastics, should reduce the dependence on oil and gas customers.
The new US factory in Virginia should be up and running by the end of 2015.
The figures for the year to September 2015 will be published in early December. The loss is likely to be higher than the previous year and the underlying loss should be around £400,000 – the interim loss was £68,000. There was net cash of £3.2m at the end of March 2015 but this will have been reduced due to capital investment and other cash outflows.
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