Hardide

Bicester-based Hardide, provider of a unique surface engineering technology, recently raised a shade under £800,000 of new money through a placing at 12.25p.

The company, which floated on AIM in April with a £1.4m funding at 10p, issued shares to fund establishment of a manufacturing facility in Texas. This will meet burgeoning orders and enquiries from US customers for its tungsten carbide coatings. The technology protects and adds longevity to a wide range of engineering components, offering dramatic savings through ‘reduced downtime’ and life extension.

Chief executive Jim Murray-Smith insists demand levels are strong and believes that setting up a manufacturing base in Houston (home to many key global oil and gas and aerospace players) will promote the company to potential US customers. Under Murray-Smith’s stewardship, Hardide has already managed to win approved supplier status with BAE Systems, completed first orders to coat components for the Eurofighter and is in talks with a mystery blue chip aerospace and engineering giant.

Hardide recently posted encouraging maiden preliminary figures to September revealing a threefold leap in revenues to £1.1m and losses pared from £1m to £701,000. Forecasts in the market for the current year – before the placing dilution news – suggested a swing to pre-tax profits of £500,000 on sales of £2.9m, giving earnings of 0.4p. Pricey, but a speculation could pay off long-term.