Hardide expects annual revenue to have more than doubled to £13.5 million following increased production of advanced tungsten carbide coatings, while investment in additional reactors is intended to expand output for aerospace, energy and industrial customers.
The Oxfordshire-based surface engineering company said revenue for the financial year ended 30 September 2026 rose from £6.0 million in FY25. Earnings before interest, tax, depreciation and amortisation are expected to reach £5.8 million, against £1.0 million a year earlier, while profit before tax is forecast at £4.9 million compared with £0.2 million. The figures remain unaudited ahead of full results scheduled for December.
The year ended with particularly strong trading: fourth-quarter sales were £4.6 million and contributed approximately £1.9 million of EBITDA. Hardide attributed the larger earnings improvement to growing production volumes, cost management and continuing operational changes. These are preliminary figures, however, and the audited results could differ when the full accounts are published.
Hardide deposits a tungsten carbide and tungsten metal matrix coating onto engineering components to improve resistance to wear, erosion and corrosion. The process can also treat complex shapes and internal surfaces that would be difficult to protect consistently using some conventional surface treatments. Preserving geometry and resisting material loss are especially important where a worn valve, pump part or turbine component can compromise sealing, tolerances or operating availability.
The technique has applications in valve and pump equipment, industrial gas turbines, aerospace and other machinery operating under abrasive or corrosive conditions. Actual durability depends on the component, coating specification and operating conditions; the company has not reported a standardised service-life gain for the newly secured orders. Customer qualification, rather than a general claim of coating performance, determines which parts can enter regular production.
A major North American customer has taken first deliveries of coatings for a new generation of parts. Hardide secured a further US$1.9 million order for that programme in September, covering deliveries until November 2026, and reported progress against it in the October trading update. The order was disclosed on 14 September and is therefore an existing contract progressing through fulfilment, not a new October award.
Additional aerospace production work and customer wins in the energy and industrial sectors are expected to contribute to the next financial year. Testing with a prospective Middle Eastern energy customer and semiconductor customers is continuing, but those evaluations have not been presented as committed manufacturing orders. The distinction affects how much of the future workload can already be considered secured.
Alongside its current contract deliveries, Hardide is preparing to install coating reactors costing an estimated £3.5 million in total, against which it has paid a £0.7 million deposit. The company expects the equipment to enter service in the second half of its 2027 financial year and estimates that it will double operational capacity to a level capable of supporting approximately £40 million in annual sales.
That £40 million figure measures potential output capacity, not contracted sales or an official FY27 revenue projection. Coating production depends on available reactor time, process consistency, component handling and customer-specific qualification. A new reactor can increase throughput only once installation, commissioning and the relevant production controls have been completed; subsequent utilisation will depend on customer demand and order scheduling.
Gross cash at 30 September stood at £3.2 million, compared with £0.7 million a year earlier, despite £1.5 million invested in working capital. Part of that investment secured process gas requirements for most of FY27 at known costs. Reliable gas supply is integral to maintaining controlled deposition conditions, and purchasing ahead can reduce exposure to price movements, although it ties up cash before the associated revenue is earned.
By securing capacity and process inputs before the next round of contracts is delivered, the company is positioning production for a larger aerospace and industrial workload. The available figures do not identify how much incremental capacity has already been sold to particular customers or when each new qualification might convert into recurring orders. Reactor commissioning and qualification schedules remain separate from management's broader growth ambition.
Market expectations cited by Hardide for FY27 are £18.8 million in revenue, £8.0 million of EBITDA and £6.6 million profit before tax; these are analyst expectations, not completed results or confirmed orders. Its audited FY26 accounts are scheduled for 10 December 2026, after which the next milestones will be commissioning the reactors and demonstrating sustained use of the additional production capacity.
