11 March 2022

Hardide plc

("Hardide", "the Group" or "the Company")

AGM Statement

At the Annual General Meeting of Hardide plc (AIM: HDD) to be held at 11:30am today, Robert Goddard, Chairman of the Group, will make the following statement: 

"We are delighted that the first half of the year has started strongly with sales expected to be over 40% higher than the same period last year. Oil and gas demand is growing and our customers predict this to increase further in H2. Earlier this month we were particularly pleased to announce developments in the power generation sector with the first production set of gas turbine blades coated and delivered to Ansaldo Energia. The second set of turbine blades is due to be received later this month and further sets of blades are due to be received throughout this year.

"Also in the period, first orders were received for coating Airbus A320 components, with regular demand for these due to commence in H2. Orders for coating Airbus A330 wing components are also due to commence in H2. Leonardo Helicopters reported the successful outcome of its transmission system test programme which included Hardide-coated components and orders for these are also expected to commence in H2.

"The new larger reactor at our UK site is expected to continue to operate at high capacity as we continue to coat production sets of turbine blades for Ansaldo Energia. The Board believes that there is significant potential for further business from the gas and steam turbine sector as the transition to net zero carbon emissions gains pace.

"The Board is optimistic that the increasing demand from existing customers and the high-volume potential of a number of projects will result in the Group achieving its previous upward sales trajectory.

"Half year results are expected to be published on or around 10 May 2022."

Notes to editors:

Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in the energy, aerospace and industrial sectors.

www.hardide.com