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Bodycote 4-month Revenue Down 12%

Bodycote Plc. (BOY.L) reported that its total Group revenue for the first four months declined 12% to 216 million pounds. Revenue was down 11% at constant currency and 13% excluding the impact of acquisitions.

At constant currency, revenues for the month of April was down 30% from last year. It was down 35%, excluding the impact of acquisitions.

In its trading update covering the four-month period from 1 January to 30 April 2020, the company said restructuring activities underway will reduce full-time employees by more than 700 - some 13% of total headcount. Together with savings in infrastructure from closed plants, 45 million pounds of annualised costs will be permanently eliminated from the business.

The cash cost of the expanded restructuring program is now expected to be 25 million pounds, versus the 15 million pounds announced at the Full Year results.

The company said, "we are confident that the restructuring and cost reduction actions we are taking should enable us to operate profitably through the downturn and that we will emerge stronger as end markets recover."

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