17th Nov 2015 08:03
LONDON (Alliance News) - Specialty chemicals company Bodycote PLC maintained its full year profit guidance on Tuesday but said its market remain challenging and are likely to stay that way in the near term.
The FTSE 250-listed company said group revenue was down 9.7% in the four months to the end of October, with revenue from its aerospace, defence and energy business declining 11% and automotive and general industrial revenue down 8.8%.
The company said it expects its headline operating profit, which strips out restructuring costs and amortisation charges, to be between GBP101.0 million and GBP106.0 million for 2015, in line with its previous guidance, though revenue visibility currently remains very low.
The group added its restructuring programme is on track and said it will accelerate its greenfield investment programme, which will drive up start-up costs for the company in 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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