Page 5 - Hardide-Annual-Report-2021
P. 5

 BUSINESS & OPERATIONAL HIGHLIGHTS
TRADING
n The value of orders received during H2 FY21 of £2.5m was 52% higher than in H1 FY21 as demand from customers recovers. Compared with FY20:
- 46% increase in sales to the aerospace sector, from a low base
- 38% increase in sales to the precision engineering sector, including power generation
customers
- 46% reduction in sales to the oil & gas sector
- 12% reduction in sales to the flow control sector
STRATEGIC
n Full approval of the new Bicester site for coating flying components received from Airbus. First production order received for Airbus A320 aircraft wing components. Still waiting for Airbus and their Tier 1 supplier to agree final arrangements before a supply agreement between Hardide and the Tier 1 can be signed
n First large production order received for the coating of gas turbine blades for a major European turbine manufacturer
n Leonardo Helicopters successfully completed testing of a new transmission system design that includes Hardide-coated components. Production orders are now expected to begin in FY22
n A testing and development programme is underway with a large US-based manufacturer of electric vehicles (EVs)
n Development of the ESG agenda, including the metrics on which to base our energy usage and CO2 emissions
TECHNOLOGY
n Equivalent registration of the most recently secured UK patent is underway in ten leading industrial countries. The patent covers further-enhancement of the Hardide coating and new applications, including turbine blades and vanes
n Fundamental research continues into the development of new coating variants with additional properties conveying significant new and beneficial advantages
POST-PERIOD
n Former Bicester site fully vacated just before lease termination on 26 October 2021. Environmental benefits will result from the relocation, as well as saving approximately £100k in dual site running costs
n Stronger trading in the first quarter of the new financial year gives the Board confidence in the Group’s prospects for FY22
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