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Bodycote PLC on Friday reported a rise in interim profit driven by a double-digit revenue increase, citing price increases and energy subcharges on customers.
For six months ended June 30, the Cheshire-based thermal processing services provider reported a 15% increase in revenue to £348.5 million from £312.9 million a year earlier, as a result of ‘price increases and energy subcharges which the firm has passed onto its customers in response to cost inflation,’ Bodycote explained.
Pretax profit also rose 2.7% to £41.6 million from £40.5 million, as operating profit increased by 3.9% to £45.0 million from £43.3 million a year earlier.
Chief Executive Stephen Harris said: ‘We have produced strong revenue growth4 in the majority of our markets with Civil Aerospace revenues up 30%, General Industrial revenues up 19% and Emerging Markets revenues up 22%. While there are obvious geopolitical uncertainties, as matters stand today, we see the prospect of volume growth in each of our key market sectors and geographies and we anticipate making progress in the second half.’
Net debt stood at £57.5 million as at June 30, compared to £69.6 million a year ago.
Bodycote declared an interim dividend of 6.4 pence per share, up 3.2% from 6.2 pence a year prior.
Looking ahead, Bodycote said it has maintained its full year expectations, anticipating making progress in the second half.
Share were up 3.8% at 603.50 pence each on Friday morning in London.
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