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Hardide Management Fights Off Challenges

Hardide HDD Depressed demand in the oil and gas sector adversely affected performance in the year to the end of September with a rise in operating losses from last year’s £0.22m to £1.47m. But Hardide fought back and in the second half sales began to improve with a 25% rise over the first half, amid signs of a slow recovery in oil and gas. Sales of precision engineering surged by 126% over the previous year and there was also an increase in aerospace sales. For the first time ever, sales in North America exceeded those in the UK. For 2017 there is the promise of further improvement.

Eco Animal Health EAH  is increasing its interim dividend by 32% after a strong first half which saw revenue rise by 25%. Pre tax profits rose by 97% to £5.3m, adjusted EBITDA  by 46% and earnings per share by 61%. The second half year has started well and another set of strong results is forecast for 2017

Hydrodec HYR October saw the first overall positive EBITDA since the rebuild of the Canton factory was completed last year. October also record sales of refined oil from Canton, at 2.8m litres, with daily production records being beaten twice during the month. Operations are expected to be profitable in 2017.

Cohort plc CHRT is increasing its interim dividend by 16.0% after a rise in adjusted operating profit of 11% for the six months to the end of October and a strong order book standing at £129m. With 80% of those orders deliverable in the second half, it is expected that second half sales will be strong.

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