**Summary of Hardide PLCs Annual Results for the Year Ended 30 September 2025**
Hardide PLC, a provider of advanced surface coating technology, reported strong financial performance for the fiscal year 2025 (FY25), marked by significant growth in revenue, profitability, and operational efficiency. The companys audited annual results highlight the following key points
### **Financial Highlights**
**Revenue Growth**Revenue increased by 27% to £6.0 million from £4.7 million in FY24, driven by new recurring and development work wins in the aerospace and energy sectors.
**Gross Profit and Margin**Gross profit rose to £3.5 million from £2.3 million, with gross margins improving to 57% from 48%, attributed to volume growth, commercial discipline, and operational efficiency gains.
**EBITDA**EBITDA reached £1.0 million (FY24: break-even, adjusted for £0.4 million in non-recurring restructuring costs), with an EBITDA margin of 17.0%.
**Earnings**The company reported positive earnings for the first time in many years, with basic earnings per share (EPS) of 0.2p (FY24: loss of 1.9p per share).
**Cash and Debt**Gross cash increased to £0.8 million from £0.7 million, and net debt decreased to £1.6 million from £2.1 million.
### **Operational and Strategic Achievements**
**Market Expansion**Strong growth was driven by new work wins in aerospace and energy, particularly in North America and the Middle East.
**Operational Harmonization**Completed full harmonization of operational capabilities between the UK and USA plants, enhancing efficiency and competitiveness.
**Business Development**Progressed discussions with large energy companies for potential significant recurring business and expanded pre- and post-treatment services to better utilize assets.
**Digital Marketing**Launched a digital, sales-led marketing program to increase market awareness and engage with design engineers.
### **Recent Trading and Outlook**
**Q1 FY26 Performance**Revenues in Q1 FY26 were £1.8 million, up nearly 40% from Q1 FY25, with double-digit operating margins.
**Order Intake**Secured a £1.75 million order from a major new customer in the North American energy sector.
**Strategic Targets**Aiming to double revenues from FY24 levels as soon as possible, leveraging spare capacity and operational efficiency.
### **Management Commentary**
CEO Matt Hamblin expressed satisfaction with the progress made during his first full year as CEO, highlighting the companys strong trading momentum and strategic focus on growth. The Board remains confident in Hardides ability to drive further profitable growth, supported by increasing market adoption of its unique surface coating technology.
### **Board and Governance**
Welcomed Dr. Bryan Allcock as Senior Independent Non-Executive Director and Remuneration Committee Chair in December 2024.
Continued focus on developing a commercially led, customer-focused, and innovative culture.
### **Research and Development**
Engaged in projects for carbon capture, green hydrogen, and turbine blade coatings, with increasing customer-funded development work.
### **ESG and Sustainability**
Highlighted Hardides strong ESG credentials, including prolonging component life, reducing waste, and operating to high environmental standards.
### **Financial Position and Going Concern**
The company is cash generative with no immediate need for equity raising, supported by strong trading momentum and a well-invested business.
Overall, Hardide PLC demonstrated robust financial and operational performance in FY25, with a positive outlook for continued growth and profitability in FY26 and beyond.