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Hardide losses widen as pandemic dents oil & gas sales
StockMarketWire.com
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Surface coating technology provider Hardide reported wider annual losses as the pandemic hurt oil & gas sales.
For the year ended 30 September 2020, pre-tax losses were £1.4 million from £1.2 million year-on-year as revenue 6% to £4.8 million.
'Given the economic backdrop and impact of COVID-19 on the second half of the financial year, we are pleased to announce a solid set of numbers, which are just 6% below our record revenues in FY2019 and in-line with market expectations,' the company said.
'Sales to all market sectors increased in the year, other than to oil & gas, which fell by 14% due to the COVID-19 related downturn,' it added.
The company said it was confident that, as the global economy recovered and new customers and applications come on stream, demand for Hardide's products would return and continue on its previous upward trajectory.
At 9:55am: (LON:HDD) Hardide PLC share price was 0p at 27p
Story provided by StockMarketWire.com
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