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Bodycote on track to grow profits despite 'mixed' markets
(Sharecast News) - FTSE 250 engineer Bodycote reiterated its full-year outlook on Tuesday, despite mixed end markets weighing on demand. Updating on current trading, the specialist in thermal processing services said core organic revenues had grown by 2.2% in the four months to 31 October. That was an improvement on the first half, to June end, when revenues fell 3.6%.
As a result, revenues were down just 1.4% in the year-to-date.
Although improving, Bodycote acknowledged that its end markets remained "mixed".
It saw strong growth in aerospace and defence during the period, while automotive saw low single-digit growth, reflecting improved light vehicle production trends in the third quarter. However, it did not expect the conditions in automotive to carry through to the fourth quarter.
Bodycote also flagged industrial markets remained "challenging", particularly in Europe, while in oil and gas, low levels of upstream investment and drilling in the Middle East had caused delays in the ramp-up of some contracts.
However, Bodycote said it still expected to deliver a stronger profit performance in the six months to December end, when compared to the first half.
Profits would be "driven by further growth in aerospace and defence, improved specialist technologies trading and increasing benefits from the Optimise programme," it said.
"As a result operating profit in the second half is expected to be ahead of the first half and broadly similar to the level seen in the second half of 2024."
The firm posted adjusted operating profits of £62.2m in the second half of 2024.
Bodycote announced late last year plans to overhaul the company through its Optimise, Perform and Grow programme.
As well as restructuring into two core divisions - specialist technologies and precision heat treatments - it has announced the sale of 10 automotive and industrial sites in France, is exiting other non-core sites and is investing in structural growth markets.
As at 0930 GMT, shares in Bodycote were largely flat at 600.5p.
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