On 27 October, Hardide announced an oversubscribed fundraising of £2.54m, in two tranches, at 1.7p per share to fund additional capacity in anticipation of future demand, creating a solid platform for growth. The group also provided a trading update within the announcement highlighting that FY 2018E has started positively, with Hardide signing a framework supply agreement with a major international O&G (Oil & Gas) operator and is in the process of finalising a second with a different O&G customer, suggesting a positive outlook ahead. We make changes to estimates to reflect the placing, the anticipated increase in capex and more positive margin assumptions. The result is an increase to Adj EBITDA in FY2019E and FY 2020E together with higher cash balances.