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Surface coating technology company Hardide reported annual losses than more than doubled as revenue fell.
For the year ended 30 September 2021, pre-tax losses widened to £2.9 million from £1.4 million year-on-year as revenue fell to £3.6 million from £4.8 million.
Looking ahead, the company said that rising global demand for energy, and the increasing oil price, would provide a 'favourable' conditions for the return of strong revenues from our oil & gas customers.
'Looking forward, the much improved sales performance in the first months of the current financial year and the considerable pipeline of opportunities augur well for further growth in sales. This provides us with confidence in the Group's prospects for 2022 and onwards.'