Hardide's shares plunge amid concerns on the oil sector

LONDON (ShareCast) - Hardide (LSE: HDD.L - news) , the surface coating company plunged 20.71% to 1.11p over concerns about the oil sector. The downturn in the oil price has had no impact on demand from oil and gas customers so far but Hardide said it seems there are indications the second half of the year is likely to be affected by reduced exploration and drilling spending. Outside the oil and gas segment, demand remains good and Hardide continues to diversify its customer base. Plans for the new US production facility remain on track, as well as test programmes for customers across a range of industries, including aerospace. Hardide has a solid financial position with half year results for the six months ended 31 March 2015 being published in late May.