(Alliance News) - Bodycote PLC on Thursday reported a rise in half year revenue and profit, stating that it had delivered a strong performance "modestly ahead of expectations".
The Cheshire-based supplier of heat treatments and specialist thermal processing services said revenue in its first half ended June 30 was up 17% to GBP420.1 million, from GBP358.5 million at the same point the prior year.
Boycott said revenue growth was driven by strong progress in Specialist Technologies, Emerging Markets and Civil Aerospace.
Pretax profit in the half year was up 33% to GBP55.2 million from GBP41.6 million the year before.
Chief Executive Stephen Harris said: "We have delivered a strong performance in the first half, which was modestly ahead of our expectations and with broad-based growth across most of our end markets. In particular, we achieved good progress in our strategic focus areas of Specialist Technologies, Emerging Markets, Civil Aerospace and electric vehicles.
"The strength of our balance sheet continues to provide options to drive shareholder value, in line with our disciplined capital allocation framework. The strong first half performance underpins our confidence in delivering progress for the full year."
Net debt narrowed 54% to GBP26.6 million, from GBP57.5 million year-on-year, whilst cash flow increased by 77% to GBP56.2 million from GBP31.8 million the year before.
The company declared an interim dividend of 6.7 pence per share, up 4.7% from 6.4p per share the year before.
Boycott says its first half performance was "modestly" ahead of expectations, and that it was confident for "profitable growth" looking ahead.
"The strong first half performance underpins our confidence in delivering progress for the full year.
Looking beyond 2023, the board remains confident in the group's prospects for continued profitable growth," said Bodycote.
Shares in Boycott PLC were down 0.7% at 682.82 pence in London on Thursday afternoon.
By Will Neill, Alliance News reporter
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Bodycote (BOY)