Significant Orders from a Major New Customer
Hardide plc has secured significant orders totaling £1.75m from a major new North American energy sector customer, exceeding initial forecasts and expected to boost revenues in the first half of FY26. The company anticipates materially higher revenue and financial performance for FY26 due to these orders and ongoing discussions for future demand in 2026 and beyond. This development, leveraging existing spare capacity at their US facility, supports Hardide's strategic goal of more than doubling FY24 revenues to over £10m and builds on last year's strong revenue growth of over 25%.
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Hardide plc (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce that it has received orders from a major new North American customer in the energy sector with an aggregate value of £1.75m.
These orders reflect strategic initiatives by the Group's management in developing business both from the energy sector and across the US market more broadly. Discussions are continuing with this customer to plan for ongoing demand later in 2026, and the potential for higher demand in 2027 and thereafter.
These orders are expected to benefit Group revenues in the first half of Hardide's current financial year ending 30 September 2026 ("FY26") and are greater in value than initially forecast. The Board accordingly now anticipates revenue and financial performance for FY26 to be materially higher than its previous expectations.
Hardide's capability to service this customer directly from its facility in Martinsville, USA, to demanding delivery schedules using existing spare capacity has proven to be highly significant and is indicative of the Group's enhanced value proposition.
Encouragingly, Hardide's unique surface coating solutions have recently been attracting a great deal of interest from major oil and gas companies. Hardide's coatings significantly extend the life of components such as sleeves used in directional drilling where erosion and corrosion are prevalent in the operating environment.
Matt Hamblin, CEO, commented:
"The growing relationship with this significant new customer is a highly exciting development for Hardide. In the immediate future it will enable us to build on last year's strong revenue growth of over 25%. It also brings us an important step closer to achieving our strategic milestone of more than doubling FY24's revenues to over £10m as soon as possible, leveraging existing spare capacity to generate attractive operating margins."
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