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Press releases — 19 April 2005

Hardide floats on AIM at £12m valuations

Hardide Ltd, the provider of a unique, surface engineering technology, has floated on AIM with a market capitalisation of over £12m. The Oxfordshire-based company's super hard coating for steel and metal parts has widespread applications in the oil and gas industries, as well as in metalworking, tool manufacturing and car components. Hardide has previously raised finance with the help of Oxfordshire Investment Opportunity Network (OION), Europe’s leading technology business angel network, which enabled the company to grow to the point where it could attract venture capital investment.

Jim Murray-Smith, Chief Executive of Hardide, said:

“We are delighted with our successful AIM listing. The new capital injection will be used to fund development of the company including expenditure on equipment and expansion of our sales and marketing operations. These activities should enhance the company's operations and enable us to develop new business in the USA and elsewhere.”

Mr Murray-Smith praised OION:

“The OION Network has played a key role in Hardide's growth. In 2000, OION helped us secure £300,000 - this was crucial finance which allowed us to significantly develop our business. As a result we were able to attract over £1.6m in our next funding round in 2003, which included investment from business angels belonging to OION, as well as venture capital funding.”

Dr Jon Cox, Manager of Oxfordshire Investment Opportunity Network, said:

“I congratulate Hardide on their substantial achievements in just five years. They have grown from a start-up with an innovative technology to a key player in the materials coatings sector. They are a perfect example of the high growth potential companies that seek finance through OION.”

Hardide started life in Begbroke Innovation Centre, one of 12 Centres run by Oxford Innovation.

Dr David Kingham, Chief Executive of Oxford Innovation, said:

“Hardide is a great success story. They grew in Begbroke Innovation Centre, in an ideal location with access to the University of Oxford's world-class materials science facilities, and enjoying flexible terms designed to boost the development of start-up companies. When Hardide outgrew the Innovation Centre, one of our directors helped the company identify a site in Bicester where they were able to establish their own purpose-built factory. We wish Hardide all the very best in the future and will follow their progress closely.”

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. Oxford Investment Opportunities Network (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION's members, which include over 130 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. Hardide Plc

    Press enquiries to: Jim Murray-Smith, Chief Executive Officer.
    Tel: +44 (0)1869 353830 Email: jmurray-smith@hardide.com
    Website: www.hardide.com

    Hardide was founded to develop an innovative surface engineering technology from Moscow’s Instutite of Physical Chemistry. The company was brought to Oxford by Flintstones Technologies plc, an AIM-listed company that specialises in commercialising Soviet Research.

    The Hardide coating is a mechanical engineer's dream as it combines ultra-hardness, low friction and chemical resistance. Produced by chemical vapour deposition, it doubles the component life in drilling tools on oil rigs producing massive cost savings. In some areas of applications it is unique because it can coat the inside of complex-shaped parts like dies, moulds and valves that cannot be coated by conventional methods. Hardide's customer base includes international companies, such as JCB (Hardide has coated pivot pins for their diggers), Akzo-Nobel (milling discs) and Sondex, which makes drilling equipment for oil exploration.