Hardide plc (LSE:HDD) has reported that revenue more than doubled to £13.5 million for the financial year ended 30 September 2026, with EBITDA expected to reach £5.8 million, exceeding both the previous year’s performance and market forecasts.
The UK-based industrial coatings specialist attributed the increase in revenue and profitability to higher customer demand, cost management measures and operational improvements implemented across the business.
Trading during the fourth quarter contributed to the full-year performance, supported by orders from customers in North America and new production contracts across the aerospace, energy and industrial sectors.
Hardide confirmed that it had completed initial shipments to a major North American customer, resulting in a further order valued at US$1.9 million.
The company also reported additional production contracts in its existing markets, alongside ongoing product testing with prospective customers in the Middle Eastern energy sector and the semiconductor industry.
These testing programmes form part of Hardide’s efforts to expand the commercial applications of its tungsten-based surface coating technology.
At the financial year-end, Hardide reported gross cash of £3.2 million, following investment in working capital and manufacturing equipment.
The company invested £1.5 million in working capital to support increased production activity and secure supplies of process gases at agreed costs for most of FY2027.
Hardide also paid a £0.7 million deposit towards the purchase of additional coating reactors as part of a programme to increase manufacturing capacity.
The new equipment is expected to become operational during the second half of FY2027 and is intended to approximately double the company’s production capacity.
Management estimates that the expanded facilities will have the capacity to support annual sales of approximately £40 million once the additional reactors are operational.
The planned increase in capacity is intended to accommodate anticipated demand from existing customers and potential new contracts across Hardide’s principal industrial markets.
Hardide specialises in tungsten carbide and tungsten metal matrix coatings designed to improve the durability of engineering components exposed to abrasion, erosion and corrosion.
Its coating technology is used in applications including energy equipment, industrial pumps and valves, gas turbines, aerospace components and precision engineering.
The company also supplies coatings for components with complex geometries and internal surfaces, where conventional surface treatments may be difficult to apply.
Looking ahead, management expects revenue growth to continue during FY2027, supported by its existing order pipeline, customer development programmes and planned manufacturing expansion.
Hardide has also outlined a longer-term objective of more than doubling revenue again over the next two to three years.
Achievement of this target will depend on customer demand, the conversion of commercial opportunities into orders and the successful commissioning of the additional coating capacity.
The company enters FY2027 with expected annual EBITDA of £5.8 million, gross cash of £3.2 million and an investment programme aimed at expanding its manufacturing operations.
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