Bodycote PLC US TAX LEGISLATION AND TRADING UPDATE (8079B)
15 January 2018 - 6:00PM
UK Regulatory
TIDMBOY
RNS Number : 8079B
Bodycote PLC
15 January 2018
15 January 2018
Bodycote plc
US TAX LEGISLATION AND TRADING UPDATE
Bodycote, the world's largest provider of heat treatment and
specialist thermal processing services issues the following tax and
trading update for the year to 31 December 2017.
US Tax Legislation
Bodycote notes the enactment of the Tax Cuts and Jobs Act in the
United States on 22 December 2017 reducing the statutory rate of US
Federal corporate income tax to 21%. Whilst work is ongoing to
review the full future impact of this new US tax legislation on the
Group, it is expected to give rise to a significant non-cash tax
credit for the Group in the year ended 31 December 2017 as a result
of the revaluation of US net deferred tax liabilities.
Subject to final audit and confirmation of final tax
computations, the effect of this one-off revaluation of US net
deferred tax liabilities is expected to add c. 5p to EPS for
2017.
Trading Update
Bodycote also announces that trading in the final quarter of
2017 was better than anticipated and the Board now expects full
year 2017 headline operating profit to be towards the upper end of
market expectations (company compiled analysts' estimates range:
GBP117 million - GBP126 million).
Bodycote intends to announce Full Year Results on Tuesday 6
March 2018.
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For further information,
please contact:
Bodycote plc Tel No +44(0) 1625 505300
Stephen Harris, Group Chief
Executive
Dominique Yates, Chief
Financial Officer
Fiona Lawrence, Head of
Investor Relations
FTI Consulting Tel No +44 (0) 2037271340
Richard Mountain
Susanne Yule
About Bodycote
With more than 180 accredited facilities in 23 countries,
Bodycote is the world's largest provider of heat treating and
specialist thermal processing services. Through classical heat
treatment and specialist technologies including Hot Isostatic
Pressing (HIP), Bodycote improves the properties of metals and
alloys, extending the life of vital components for a wide range of
industries, including aerospace, defence, automotive, power
generation, oil & gas, construction, medical and
transportation. Customers in all of these industries have entrusted
their products to Bodycote's care for more than 30 years. For more
information, visit www.bodycote.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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