Bodycote Plc (BOY.L), a provider of thermal processing services, on Friday posted lower results in fiscal 2024, affected by impairments and weak revenues due to lower surcharges. The company also increased its dividend for the final year.
Looking ahead, the company said that it is confident to deliver its medium-term financial targets.
The company posted pre-tax profit of 28.4 million pounds in fiscal 2024, down from 111.7 million pounds last year. On an adjusted basis, pre-tax profit fell slightly to 119.5 million pounds from 120.1 million pounds in the prior year.
Profit for the year declined to 20.7 million pounds or 10.7 pence per share from 86.8 million pounds or 44.8 pence per share a year ago.
Adjusted earnings for the year came in at 90.4 million pounds, down from 91.9 million in the prior year. On a per share basis, adjusted earnings rose to 48.4 pence from 48.1 pence a year ago.
In fiscal 2024, EBITDA came in at 185.9 million pounds, down from 198.6 million pounds in the previous year. Adjusted EBITDA declined slightly to 198.7 million pounds from 198.9 million pounds last year. Total Group revenues for the year declined 5.7 percent to 757.1 million pounds from 802.5 million pounds in fiscal 2023. The fall in revenue was mainly due to a 47 percent reduction in energy surcharges to 35.6 million as the energy prices normalised.
Further, the company's Board has recommended a final dividend of 16.1 pence, lifting the full year dividend to 23.0 pence. This is higher than last year's full year dividend of 22.7 pence. The company said that the final dividend will be paid on June 5 to shareholders on the register at the close of business on April 25.
On the LSE, the stock is currently trading at 571.00 pemce, down 10.4 percent.
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