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Hardide, the developer and provider of advanced surface coating technology, announced that early indications of strong demand across the company's target markets have continued in an update for the financial year ending 30 September 2019, with revenue of around £5m and ahead of expectations.
Sales to the company's major flow control customer in North America have more than doubled, and large project-based orders have been received for an oil and gas operator.
There was an increase in the coating of industrial diamonds used in the oil and gas industry, and also increased sales to the precision engineering sector
Reflecting the sales mix and continuing investment, EBITDA is expected to be in line with expectations.
Philip Kirkham, Chief executive of Hardide plc, commented:
'We are pleased to announce the second consecutive year of record sales revenue.'
'Revenue for the second half year is expected to be approximately 13% ahead of the first half and the full year approximately 9% ahead of the last financial year.'
'It is also pleasing that demand is spread across a continually broadening range of customers, sectors and applications. Demand remains strong and we are optimistic about further growth in the year ahead.'