(Correcting that net debt is up from June 30, not down.)
(Alliance News) - Bodycote PLC on Friday said it is trading in line with market expectations for 2022.
The Cheshire-based supplier of heat treatments and specialist thermal processing services said revenue from July 1 to October 31 amounted to GBP258 million, representing a 29% increase year-on-year from GBP200.1 million.
Bodycote said volume and foreign exchange translation each contributed 7% to revenue growth.
The FTSE-250 noted that the revenue figure benefits from "price increases and energy surcharges of approximately 15% in total".
Specifically, revenue grew by 18% in Automotive year-on-year in constant currency, by 25% in General Industrial, and by 19% in Aerospace & Defence.
Looking ahead, Bodycote expects to deliver full-year results in line with expectations. It added that Civil aerospace volumes continue to grow strongly, with General Industrial volumes growing more modestly and automotive volumes flat.
Net debt amounted to GBP59 million as at October 31, mildly up from GBP57.5 million at June 30.
In July, Bodycote had said pretax profit rose 2.7% to GBP41.6 million for the six months that ended on June 30, from GBP40.5 million a year ago, as revenue increased by 15% to GBP358.5 million from GBP312.9 million.
Shares were up 1.8% at 590.50 pence each on Friday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Bodycote (BOY)