Shares in the surface coating tech company have more than doubled since January 2017.
Companies: Hardide plc
Hardide (LON: HDD) has reported some healthy figures in its final results for its year to the end of December, recording "record sales" and strong growth across the board.
HDD provides its surface coating technology to a range of industries including oil & gas and aviation, and list companies such as Airbus and GE as some of its key clients.
It seems demand for the Group's wear and corrosion resistance coatings are on the rise, reporting a 51% increase in Revenues to £3.2m in FY17.
Gross Profits also grew 130% to £1.6m from the £0.7m reported last year, while its Net Loss was reduced to £0.7m from the £1.3m loss in FY 16.
The increase in sales can be accredited to the uplift in demand from the oil and gas markets, which has been on the up since it bottomed out in 2014.
Management was also pleased to announce the Group had achieved "global approved supplier status" from Airbus, saying:
"We believe the medium and long-term potential value to the Group is worth the effort involved in the longer sale cycles in this sector and we are confident that future volume sales will result."
It also said it had achieved accreditation from Nadcap (National Aerospace and Defense Contractors Accreditation Program), a pre-requisite for "all suppliers to many aerospace primes and their supply chains worldwide."
Management said 47% of total sales in FY17 were to customers in the US and are "expected to rise significantly over the medium and long-term".
To help meet the forecast increase in demand the Group has raised over £2.5m via an oversubscribed fundraising post-period, which it will use to:
"Fund additional capacity and achieve an aerospace standard facility in the US, as well as to upgrade existing UK production equipment."
Shares in HDD jumped 8% to 2p in early trading on Monday as a result of the report.
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