Hardide plc AIM:HDD
- Incorporated
- United Kingdom
- Chief executive
- Matthew Roger Hamblin
- Employees
- 30
- Reports in
- GBP
- Companies House
- 05344714
Read straight from the annual reports
104p at close on 8 Oct 2026 · 11 reported years, 2015–2025
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| Dividend per share | — | — | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Hardide plc applies hard-wearing protective coatings to parts used in energy, aerospace and engineering. In the year to 30 September 2025 its revenue rose to £6.0m from £4.7m, and it made a profit before tax of £125k against a loss of £1.3m the year before. The report credits new work in aerospace and energy, especially two large new energy customers. Busier factories spread fixed costs further, and overheads were kept tight. The previous year's loss also included one-off restructuring costs. Cash at the year end was £827k, up on a year earlier, and borrowings fell to £477k. Almost no new money was raised from shareholders, and there is no dividend. Management said strong trading continued, with first-quarter revenue in the new year of £1.8m, up almost 40%, and aims to at least double 2024 revenue. The auditors raised no concerns and there is no doubt over the company's survival, but the report rates its reliance on a few customers, mostly in the volatile energy sector, as a high risk.
New work wins in aerospace and energy sectors
Revenue grew 27% from £4.7m to £6.0m, driven by new recurring and development work wins across the aerospace and energy sectors
page 3Energy sector growth from two large new customers (North America and Middle East)
Revenue growth in FY25 was driven particularly by two large new customers... with sales momentum increasing in the final quarter
page 9Volume growth improving fixed-cost recovery
Gross margins improved to 57% from 48% in FY24, through a combination of better recovery of fixed costs due to revenue growth, together with strong commercial management and operational efficiencies
page 6Strong overhead control / fixed cost savings
Strong overhead control and the sustained benefit of fixed cost savings enabled a material improvement in EBITDA to £1.0m at a margin of 17.0%
page 6Our first strategic milestone is to at least double revenues from 2024 levels to £10m and beyond as soon as possible, leveraging the potential for significant margin and profit improvement through utilisation of spare production capacity.
page 6Dr Bryan Allcock appointed Senior Independent Director and Remuneration Committee Chair effective 1 January 2025 (within the year, disclosed with Board changes)
page 4The directors have declared that no dividends will be paid in respect of the 2025 financial year (2024: Nil).
page 20Unmodified ('true and fair') audit opinion from James Cowper Kreston Audit (signed by Alan Poole, Senior Statutory Auditor), dated 21 January 2026. Auditor identified key audit matters: revenue recognition (year-end cut-off), share-based payments, and management override of controls — all resolved satisfactorily with no significant adjustments. Going concern basis adopted; Board assessed base case financial plans and sensitivity analyses to March 2027; reverse stress testing suggests further funding only needed if revenues fell more than 25% vs forecast, considered unlikely given current trading momentum.
page 44- Customer concentration and demand volatility — top six customers c.70% of sales, majority to volatile energy sector; residual risk rated Highp.14
- Economic and geopolitical risks including tariffs, particularly impacting oil & gas sector across UK/USA/Europe; residual risk rated Highp.14
- Business development and revenue growth risk — historic failure to achieve anticipated pace of growth; residual risk rated Medium/Highp.15
- People risks — small workforce (c.30 people), significant know-how concentration, succession planning challenges; residual risk rated Mediump.15
Read from C000598-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 14 Feb 2027