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Interim Results

Bodycote headline operating profits up 25%

27 July 2017 08:59

Bodycote achieved strong revenue growth in the first half, with good momentum in virtually all parts of the group.

Revenues grew 18.8% to £345.7m in the first half (2016: £291.0m) corresponding to a growth of 8.3% at constant exchange rates.

The five sites acquired in 2016 provided 3.5% of the constant currency growth such that organic constant currency growth was 4.8%.

The contribution of recent greenfield investments made up 2.0% of the growth at constant exchange rates.

The remaining 2.8% of the constant currency growth stemmed primarily from the macro-economic tailwind the group had seen since the second half of 2016.

Headline operating profits rose by 25% to £61.7m and the group has declareed an interim dividend of 5.3p per share - up 6%.

Group chief executive Stephen Harris said: "Bodycote achieved strong revenue growth in the first half, with good momentum in virtually all parts of the Group. Notably, the General Industrial business, which represents almost 40% of Group revenues, experienced a broad based recovery after over three years of decline. Automotive and Aerospace also moved ahead.

"The growth strategy of bolt-on acquisitions and greenfield investment contributed 5.5% of the 8.3% constant currency growth. Investment in new projects has been stepped up.

"The high margin Specialist Technologies continue to perform strongly and the margin expansion programme in European AGI is seeing further success.

"The positive momentum achieved in the first half is expected to continue. While our business, by its nature, has limited forward visibility, the Board now expects the full year result to be towards the upper end of market expectations."

At 8:59am: (LON:BOY) Bodycote PLC share price was +42.5p at 900p

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