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(Sharecast News) - Advanced surface coating technology company Hardide announced on Wednesday that it has secured a 10-year supply agreement with an unnamed major aerospace customer for the coating of cargo door components.
The AIM-traded firm said the agreement would leverage its tungsten-carbide coatings, which it said offered superior erosion and wear resistance compared to alternatives, while meeting REACH compliance standards.
It said the coatings were designed to enhance the durability and operational lifespan of the components.
Customer-funded equipment modifications were set to be largely completed in the first half of the current financial year, with initial tooling and production volumes expected to contribute at least £0.5m to this year's revenues.
Over the 10-year period, based on the customer's projected aircraft build rates, Hardide anticipated production revenue of between £6m and £8m.
"We are delighted with this additional work win, this news helps underpin our forecasts for profitable growth in the current financial year and further demonstrates the role our technology can play in sectors requiring advanced surface treatment solutions," said chief executive officer Matt Hamblin.
At 0916 GMT, shares in Hardide were up 32.63% at 6.3p.
Reporting by Josh White for Sharecast.com.
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