UK-based Hardide plc (LON:HDD) reiterated its “cautious optimism” during its recent Annual General Meeting (AGM) statement, which aligns with the group’s positive outlook expressed in its annual report, as covered by Allenby Capital’s update on February 9th. The company is experiencing growth across all its key markets, including aerospace, energy, and industrial products. In the first half of FY23, which will end on March 31, 2023, the company expects revenues to increase by approximately 7% year-over-year (YoY).
Despite deferring a £0.3m order into H1 FY24, the company is still on track to achieve forecast EBITDA breakeven in FY23, thanks to its efforts to maintain strict control of corporate expenses. This success highlights the company’s commitment to achieving profitability and positive cash flow.
Allenby Capital has reduced its revenue forecast for FY23 by £0.3m, in line with the order delay. However, it has maintained its FY24 estimates, which will provide some leeway to reflect more limited visibility on customer decisions. HDD reports that its customers remain cautious in uncertain markets.
The outlook for Hardide Plc remains positive, and the AGM statement indicates that underlying momentum will continue into the second half of this year, providing a firm base for HDD’s strategic focus on achieving full profitability and positive cash flow. More details on the company’s progress will be available with its interim results, set to be published on May 17th.