AGM Trading Statement
Hardide plc anticipates strong first-half revenue of approximately £4.5 million for the period ending March 31, 2026, a significant increase of over 50% compared to the prior year's £2.8 million, with expected EBITDA of around £1.3 million and operating margins of approximately 20%. This growth is driven by new contract wins, including production work for a major North American energy sector customer. The company also secured an aerospace contract for freight aircraft components and a repeat order for power generation turbine blades, both expected to contribute to the second half of the fiscal year. Despite ongoing development projects and monitoring of the Middle East energy sector, Hardide's board is confident in its ability to meet upgraded full-year performance expectations.
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Hardide plc (AIM: HDD), the provider of advanced surface coating technology, will be holding its Annual General Meeting ("AGM") at 11.30am today, at which the Chair will provide the following update on trading for the financial year ending 30 September 2026.
Year-to-date trading
We are pleased to report that we expect revenues for the first half year ending 31 March 2026 ("H1 FY26") to be approximately £4.5m, representing an increase of over 50% to the comparative period last year (H1 2025: £2.8m). Accordingly, the Group expect to report EBITDA of approximately £1.3m (H1 2025: £0.4m), with operating margins of c.20%.
H1 2026 performance has been underpinned by a series of contract wins, including new production work secured earlier in the year from a major energy sector customer in North America.
Outlook
Following the award of an aerospace contract, announced in December 2024, the Group has now commenced of production work to coat cargo door components for freight aircraft, which is expected to benefit the second half of the year ("H2 FY26").
In parallel, Hardide recently received its first repeat order to coat turbine blades for the power generation sector, following successful field trials, with delivery scheduled for H2 FY26.
The Group also continues to advance numerous development projects, including preliminary work for a major new energy sector customer in the Middle East, which may result in initial production orders later in the year. The Board continues to monitor developments in the region and has not observed any material disruption to this work. Hardide does not currently generate any production revenues in the Middle East, and the Group's energy costs remain modest, at around 3% of revenues, with roughly half fixed through to the end of the calendar year.
Additionally, as previously announced on 26 February 2026, we are currently working with our major new North American customer to establish a framework arrangement and schedule for the future that will support the customer's own business development ambitions and supply requirements beyond the current financial year.
In view of continued strong trading and the promising growth opportunities outlined above, the Board believes the Group is well positioned to deliver on its recently upgraded full-year performance expectations.
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