12th Mar 2021 08:32
(Alliance News) - Bodycote PLC on Friday said it swung to loss in 2020 but said it is set to take advantage of an upturn in activity going forward as the economy reopens.
Bodycote highlighted that the fall in demand that occurred in the second quarter led to a drop in revenue that was "significantly greater than even the worst points of the global financial crisis in 2008 and 2009".
The Macclesfield, England-based pressing and coatings services provider reported a revenue decline of 17% in 2020 to GBP598.0 million. It swung to a pretax loss of GBP1.5 million from GBP123.9 million profit recorded in 2019.
Bodycote declared a dividend of 19.4 pence, slightly higher than 19.3p paid the year before.
"This continues Bodycote's uninterrupted 30-year track record of growing or maintaining the dividend and reflects the board's confidence in the group's future earnings and cash flow potential," said Chief Executive Stephen Harris.
"The board is confident that Bodycote is well-placed to drive growth and take advantage of the upturn in activity across all of its markets as they strengthen," added Harris.
FTSE 250-listed Bodycote shares were trading 1.4% lower in London on Friday at 791.00p each.
By Evelina Grecenko; [email protected]
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