Bodycote PLC Trading Update (4066H)
15 November 2018 - 6:00PM
UK Regulatory
TIDMBOY
RNS Number : 4066H
Bodycote PLC
15 November 2018
15 November 2018
Bodycote plc
Trading Update
Bodycote, the world's leading provider of heat treatment and
specialist thermal processing services, is issuing this trading
update covering the four month period from 1 July to 31 October
2018 ("the period").
Current trading
Group revenue for the period was GBP243.5m, 5% higher than the
comparative period last year and 6% higher at constant currency,
and in line with our expectations. This represents solid growth,
particularly given the strong performance in the comparative period
in 2017. Group revenue for the 10 months to 31 October 2018 grew 6%
(8% at constant currency), with Specialist Technologies continuing
its strong growth, up 11% at constant currency (both in the period
and year-to-date).
All percentage movements in the following review of the Group's
markets compare to the same period in 2017, at constant
currency.
Car and light truck revenues grew 5%, notwithstanding weak
background market demand in Europe and North America. The growth
has been driven by continued strong performance in Emerging Markets
and Specialist Technologies.
Civil aerospace revenues grew strongly at 14%, with North
America and Western Europe both registering good growth. This
reflects increasing output for the LEAP program and an easing in
the OEM supply chain bottlenecks for Titanium castings.
Energy revenues grew 4%, as the Oil & Gas business continues
to perform well, while our Industrial Gas Turbines (IGT) business
weakened further with underlying revenues falling by more than 25%
in the period.
General industrial revenues were 4% higher, in line with the
general trends in industrial production.
On a divisional basis, ADE revenues were up 6% to GBP97.8m (up
6% at constant currency, and for the 10 months to 31 October 2018,
8% ahead), while AGI revenues were up 5% to GBP145.7m (up 6% at
constant currency, and for the 10 months to 31 October 2018, up
8%).
Financial position
Net cash as at 31 October 2018 was GBP16.0m compared to net cash
of GBP17.7m at 30 June 2018. During the period, we continued to
invest in our network of new and existing facilities, including a
small acquisition in North America, as well as a GBP9m purchase of
shares for our Employee Share Benefit Scheme. Underlying cash
generation remains strong. The interim dividend of 5.7p per share
was paid on 2 November 2018, at a cost of GBP10.1m.
Summary and outlook
As anticipated, the pace of revenue growth will moderate in the
last two months given the strong prior year comparator. Bodycote's
outlook for 2018 remains unchanged.
- END -
Trading Update Conference Call
Stephen Harris and Dominique Yates will be hosting a conference
call for analysts and investors at 8.00am today (Thursday 15
November 2018).
Participant's dial in number : +443333009260 (Direct)
Participants will be asked for names only, no PIN required
For further information, please contact:
Bodycote plc
Stephen Harris, Group Chief Executive
Dominique Yates, Chief Financial Officer
Fiona Lawrence, Head of Investor Relations
Tel No +44(0) 1625 505300
FTI Consulting
Richard Mountain
Susanne Yule
Tel No +44 (0) 203727134
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END
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