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Bodycote sees recovery underway; revenue falls in four months through October
StockMarketWire.com
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Heat treatment company Bodycote reported that revenue fell by fifth in the four months through October from the same period last year, though there were signs a recovery was underway following a virus-led hit to its business earlier this year.
For the four-month period to 31 October, revenue fell 20% to £193.6 million year-on-year, though represented a recovery from the 28% decline in constant currency revenues in the second quarter when the COVID-19 related downturn was at its peak, the company said.
Revenue for the 10 months to 31 October 2020 was £500.3 million, 18% down on last year.
Its two divisions experienced differing fortunes during the period, with revenues in the ADE business declining 33%, while revenues in the AGI division were down 15%.
Civil aerospace revenue declined the most, with like-for-like revenues down 50% as the pandemic impacted the aviation sector.
'Our expectation is that the civil aerospace market will remain near the current low levels for at least the next 18 months,' the company said.
The company declared an interim dividend for 2020 of 6.0p a share to be paid on 12 February 2021.
Story provided by StockMarketWire.com
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