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Highlights
- Hardide signs a major 10-year supply agreement with an aerospace customer.
- Initial customer-funded equipment modifications expected to boost 2024 revenues by £0.5m.
- Long-term production revenues anticipated to range between £6m and £8m annually.
Hardide plc (LSE:HDD), a leading provider of advanced surface coating technology, has announced the signing of a significant 10-year supply agreement with a major customer in the aerospace sector. The agreement will involve the coating of cargo door components using Hardide’s advanced tungsten-carbide coatings, which are known for their superior erosion and wear performance. These coatings not only extend the operating life of the components but also comply with the REACH regulations.
The agreement will begin with customer-funded equipment modifications, which are expected to be largely completed during the first half of the financial year. This initial phase, along with subsequent tooling and production volumes, is projected to contribute at least £0.5 million to Hardide’s revenues for the current financial year.
Looking ahead, based on the customer's projected build rates for the aircraft in question, Hardide expects to see annual production revenues ranging from £6 million to £8 million over the next decade. These estimates reflect the company’s senior management expectations for long-term growth driven by the aerospace sector.
Matt Hamblin, CEO of Hardide, expressed his enthusiasm about the deal, stating, "We are delighted with this additional work win, this news helps underpin our forecasts for profitable growth in the current financial year and further demonstrates the role our technology can play in sectors requiring advanced surface treatment solutions."