Bodycote PLC CORONAVIRUS (COVID-19) UPDATE (8082I)
06 April 2020 - 4:01PM
UK Regulatory
TIDMBOY
RNS Number : 8082I
Bodycote PLC
06 April 2020
06 April 2020
CORONAVIRUS (COVID-19) UPDATE
MACCLESFIELD (U.K.) - Bodycote, the world's largest provider of
heat treatments and specialist thermal processing services, issues
the following update.
Protective measures and business continuity
Bodycote's primary concern has always been the safety and
well-being of our stakeholders including our employees, customers
and the wider community.
The reality of the COVID-19 pandemic has given this priority
even greater predominance. Our facilities have implemented
additional personal protection measures, intensified hygiene, and
social distancing protocols that meet or exceed WHO, government and
local guidelines. Our operations are being managed safely as we
maximise business continuity to provide our essential services and
continue to support our customers.
A COVID-19 task force convenes daily to monitor the situation
and coordinate our activities on the ground while managing
communications with our customers and employees, keeping them
informed about the evolving situation.
Recent Trading
Trading in the first quarter has not been significantly impacted
by disruption from the pandemic. Nonetheless, we have already been
taking mitigating actions in anticipation of tougher conditions to
come. These actions are designed to align our cost base with any
reduced demand and we will continue to take further action in
response to developments and as we deem necessary.
Financial Position
Following the announcement today of the completion of the
acquisition of Ellison Surface Technologies, Bodycote is
approximately GBP83 million drawn on its GBP230 million revolving
credit facility (RCF), which has two more years to run.
Accordingly, there remains GBP147 million of immediately available
liquidity. The Group's current net debt: EBITDA gearing ratio is
0.7 times, well below the 3 times covenant ceiling permitted under
the RCF. Bodycote has a very strong balance sheet and can withstand
a significant decline in trading conditions. Nonetheless, given the
uncertainty in the current environment the Board is keeping the
proposal for the final dividend under review.
Stephen Harris, Group Chief Executive of Bodycote plc,
commented: "Bodycote's financial position is strong and our agile
and devolved approach to managing the business from day to day puts
us in a good position to weather the unprecedented disruption which
we are likely to face. I also take this opportunity to recognise
the commitment, courage and professionalism shown by our employees
during this challenging time."
- Ends -
About Bodycote
With more than 185 locations in 23 countries , Bodycote is the
world's largest provider of thermal processing services . Through
heat treatment, metal joining, surface technology and 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 .
For further information, please contact:
Bodycote
Stephen Harris, Chief Executive Officer
Dominique Yates, Chief Financial Officer
Michaela Yasin, Chief Marketing Officer
Tel No +44 (0)1625 505 300
FTI Consulting
Richard Mountain
Susanne Yule
Tel No +44 (0)203 727 1340
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDUOOWRRUUSRAR
(END) Dow Jones Newswires
April 06, 2020 02:01 ET (06:01 GMT)
Bodycote (LSE:BOY)
Historical Stock Chart
From Apr 2024 to May 2024
Bodycote (LSE:BOY)
Historical Stock Chart
From May 2023 to May 2024