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08 Mar 2019 | 07:19

Bodycote maintains full-year expectations as profits rise 13%

Bodycote said Friday annual profits rose by more than tenth led by double-digit percentage revenue growth in its specialist technologies and emerging markets segments. For the 12months ended 31 December, statutory profit before tax grew 13% to £132.2m from a year earlier and revenue rose 6.7% to £728.6m. The uptick in revenue comes as the company as the company maintained pricing discipline in the face of significant cost pressures as specialist technologies grew 12%, its emerging markets segment grew 21% and civil aviation revenues were up 8%. The ADE business grew revenue in 2018 by 7% to £288.0m and AGI business saw revenues grow 7% to £440.6m from a year earlier.

The company raised the full year dividend buy 9% to 19.0p a share, and declared a special dividend of 20p though this was below the 25p seen last year. '2018 has once again demonstrated the strength of Bodycote's strategy and business. We achieved double-digit growth in Specialist Technologies' revenues, an excellent performance in our Emerging Markets and robust growth in civil aviation revenues,' said Stephen Harris, Group Chief Executive.

'Combined with pricing discipline in the face of significant cost pressures, the Group was able to improve return on sales. Together with the revenue growth this delivered a healthy increase in headline earnings per share. Our performance is testament to the Group's resilient operating model, with our focus on cashflow generation, operational efficiency and improving returns.' 'While we are conscious of the global macro-economic backdrop, we have entered 2019 well positioned and at this early point in the year, our expectations for 2019 remain unchanged.'

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