23rd Apr 2015 06:44
LONDON (Alliance News) - Specialty chemicals company Bodycote PLC reported a mixed revenue performance in the first quarter on Thursday, with its aerospace, defence and energy business trading well but some drag caused by its automotive and general industrial division.
FTSE 250-listed Bodycote said group revenue in the three months to the end of March was GBP151.6 million, down 0.9%. It said revenue was up 1.9% at constant currencies. Aerospace, defence and energy revenue rose 3.2% year-on-year in the quarter, while automotive and general industrial revenue fell 3.9%, both at actual currency rates.
Civil aviation and defence revenue both grew in the first quarter, while oil and gas sales rose as large subsea project shipments for the compnay's HIP production fabrication division offset weakness in the onshore sector. Bodycote said it expects HIP production fabrication revenue in the second quarter to be broadly similar to the first quarter but lower year-on-year owing to strong comparables. Industrial gas turbine revenue also fell.
Car and light truck revenue rose, boosted by North American and emerging markets growth, but heavy truck revenue and general industrial revenue both came down, with weak demand from the agricultural sector in the quarter. Bodycote said its specialist technologies division is growing in line with expectations.
Bodycote said it concedes it has limited future visibility on its revenue, but says its expectations are unchanged for the full year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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