Bodycote Posts Higher Revenues; On Track To Meet FY22 Targets

Bodycote plc (BOY.L), a provider of heat treatment and thermal processing services, Friday reported strong revenue growth in its third quarter, and said it is on track to meet fiscal 2022 expectations.

In its trading update covering the four month period from July 1 to October 31, the company reported that total Group revenue for the period grew 29 percent on last year to 258 million pounds. The growth was 22 percent at constant currency.

AGI revenues were 148 million pounds, 24 percent higher than last year on a reported basis and up 21 percent at constant currency. ADE revenues were 110 million pounds, 35 percent higher than last year on a reported basis and up 24 percent at constant currency.

Volume contributed 7 percent to revenue growth with foreign exchange translation contributing 7 percent. In addition, revenues were benefited by price increases and energy surcharges of approximately 15 percent in total.

Automotive revenues were up 18 percent from last year at constant currency. General Industrial revenues grew 25 percent. Aerospace & Defence revenues grew 19 percent.

Emerging market revenues were up 47 percent, reflecting the highest level of energy surcharges in the Group, as well as double digit volume recovery in China and Mexico.

Specialist Technologies' revenues grew 22 percent with solid volume growth, particularly in the ADE focused Specialist Technologies.

Regarding its outlook, the company said civil aerospace volumes continue to grow strongly, with General Industrial volumes growing more modestly and automotive volumes flat.

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