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Hardide PLC shares jumped on Wednesday, as the company predicted a return to growth. Separately, it said Non-Executive Director Matthew Hamblin will shift to become its new chief executive officer. Shares in the Oxfordshire, England-based provider of advanced surface coating technology were up 9.3% to 7.38 pence each in London on Wednesday around midday. Pretax loss widened to £1.0 million in the six months ended March 31 from £600,000 a year before, as revenue fell to £2.1 million from £2.9 million. However, Hardide noted that revenue growth has resumed in ‘recent months’. ‘We are pleased that trading momentum has improved significantly in recent months,’ Non-Executive Chair Andrew Magson said. ‘With further management action being taken to increase margins and reduce overhead costs, and sales from our recently launched pre-coated product range now gaining traction, the board continues to expect the business to be Ebitda positive both in the second half year and, prior to charging about £400,000 of one-off cash restructuring costs, for the financial year as a whole. It is also targeting Hardide to be in a run rate cash positive trading position by the financial year end.’ Separately, Hardide said Hamblin will become CEO from June 3. Interim CEO Steve Paul will continue with Hardide in a sales and business development capacity. Back in November, former CEO Philip Kirkham said he would step down after 11 years. At the same time, Hamblin joined as a non-executive director. Magson said: ‘We are delighted that Matt is to become Hardide’s new CEO. His leadership and commercial experience and deep understanding of the coatings and surface treatment sector is directly relevant to the realisation of Hardide’s growth strategy.’ Hamblin was CEO of Keronite, a coatings and surface treatment company. He left in early 2023 after the company was acquired by Curtiss-Wright Corp. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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