Bodycote Plc (BOY.L), a provider of heat treatment and thermal processing services, announced on Thursday that it intends to extend its existing 60 million pounds of share repurchase by a further 30 million pounds. This will be executed through 2025.
The company said that it will undertake a number of optimization actions to drive step changes and improvements across the business to post an ongoing annual operating profit benefit of 12 million pounds to 14 million pounds, once the program is finished by the end of 2026.
It also aims to boost improved growth and performance from two new, redefined global divisions, Specialist Technologies and Precision Heat Treatment divisions.
The company will begin reporting with these divisions at its full-year 2024 results in March 2025.
Looking ahead to the full year, the company has reaffirmed its outlook and still expects to make good progress in headline operating margins. The firm continues to expect its annual operating profit in line with market consensus.
Further, Bodycote aims to deliver total per year revenue growth in mid-single digit percentage through the cycle, the majority of which will be delivered through organic growth.
Bodycote is also focused to achieve headline operating margins of over 20 percent by 2028.
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