19th Nov 2013 09:57
LONDON (Alliance News) - Thermal processing company Bodycote PLC Tuesday said revenue grew 6.9% for the four months from July 1 to October 31 boosted by its automotive business.
In an interim management statement, the company which supplies heat treatment to alter the microstructure of materials such as metals and alloys, said revenue in its automotive business increased 12.9% or 8.9% at constant exchange rates.
Acquisitions added 9.1% while organic sales were lower by 0.2% at the division, it added.
Car and light truck revenues within the division grew in North America and Europe Boydcote said and at a higher rate than in the first-half, while heavy truck sales "turned positive in Europe but remain very weak in North America."
Sales in the aerospace, defence and energy business were 0.2% lower or 2.6% at constant exchange rates, all of which were organic.
Bodycote said commercial aerospace revenues grew in both North America and Europe, while industrial gas turbine sales increased further in all territories.
However, there has been continued lower demand from the oil and gas sector, particularly for onshore requirements in the USA, it added.
Financially the company reduced its net borrowings at October 31 to GBP4.4million, compared with GBP27.1 million at June 30.
The stock was trading at 637.50 pence Tuesday morning, down 10.50 pence or 1.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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