News blog
Hardide
- BY: Andrew Hore |
- POSTED: 09/08/2016 |
Hardide has raised £530,000 at 0.8p a share and says that it will raise more at the same share price when it gains confirmation that the investment will be eligible for EIS tax relief.
The additional fundraising will not exceed £1.07m. The surface coatings supplier will use the cash to invest in new projects. There was £1m in the bank at the end of March 2016 and the company warned in June that it was considering raising money.
The cash outflow from operating activities was £807,000 in the six months to March 2016, as well as capital investment of £506,000.
Trading has been held back by weak demand from oil and gas customers - and that is why interim revenues fell from but the customer base is being widened. That should help revenues to be higher in the second half.
The directors are subscribing for just under one-third of the initial subscription.
The current share price is 0.78p.
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