26th Jul 2018 09:41
LONDON (Alliance News) - Heat treatment service provider Bodycote PLC said Thursday its half yearly revenue and profit increased as it expects its full year results to be marginally ahead of current consensus.
The FTSE 250-listed company's pretax profit increased 15% in the six months ended June to GBP67.2 million from GBP58.2 million the year before.
Bodycote's revenue increased 6.4% to GBP368.0 million from GBP345.7 million the previous year.
The company's Classical Heat Treatment business, which contributed 77% of total revenue in the half, increased its revenue by 8%. The Specialist Technologies business, which supplies the rest of revenue, grew by 11%.
Bodycote declared an interim dividend of 5.7 pence each, which is an 8% increase from the 5.3p offered last year.
The company believes its full year results will be marginally ahead of consensus after the strong first half.
Chief Executive Stephen Harris said: "Bodycote has enjoyed a strong first half of 2018. Robust growth has continued with double-digit revenue progression in Specialist Technologies, contract wins on automotive and aerospace programmes, and excellent growth across the Emerging Markets. We continue to invest in the ongoing growth of the business through capital expenditure and increased resources.
"While our business by its nature, has limited forward visibility, at current exchange rates, the board expects that the full year result will be marginally ahead of current consensus."
Shares in Bodycote were up 0.8% Thursday morning at 1,034.00 pence each.
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