Hardide secures £1.8m of orders from North American customer

(Sharecast News) - Hardide shares were in the green on Thursday, after it announced that it had secured a further £1.8m of orders from a major North American energy sector customer, supporting expectations of a material improvement in revenues and performance in the current financial year. The AIM-traded surface treatment technology provider said the new orders, which followed announcements on 1 December and 3 February, would be delivered mostly over the course of the financial year ending 30 September.

As a result, the board said it now expected a further material improvement in revenues and performance for the year compared with previous expectations.

The company added that it was in discussions with the customer regarding a potential framework arrangement and future delivery schedule to support the client's business development plans and supply requirements.

"We are delighted to receive these additional new orders," said chief executive Matt Hamblin.

"This should enable Hardide to achieve its first strategic milestone of at least doubling financial year 2024 revenues, ahead of target, during the current financial year and enable us to leverage the benefits of much higher capacity utilisation."

At 1125 GMT, shares in Hardide were up 32.5% at 31.8p.

Reporting by Josh White for Sharecast.com.