Bodycote recovers and reports rapid growth
February 28, 2011
Bodycote PLC, headquartered in the UK, has reported growth across all of its business divisions in its recently published 2010 results. The group reported a substantial recovery from its loss in 2009, with sales increasing by 14.8% to £499.8million (US$813m) and operating profit up to £51.2million (US$83.3m) from a £50.2million (US$81.6m) loss in 2009.
“2010 saw a notable and pleasing improvement in the performance of the Group. Better macro economic conditions were an important contributor to this and the underlying ability of the business to deliver consistently superior value has been strengthened considerably” stated Stephen Harris, Chief Executive of Bodycote PLC.
“Total revenue growth was well ahead of market improvement. The reorganisation of the Group into market focused divisions has enhanced revenue growth and careful targeting of capital investment has improved cash flow and return on capital” he added.
HIP business up 70%
The Hot Isostatic Pressing Product Fabrication business unit (HIP PF) grew by 70%. The business operates from ‘centres of excellence’ in Germany, Sweden and the USA with much of the process development and computer modelling carried out in the UK and the USA. Notable work in 2010 included the largest yet single piece manifold for a sub-sea oil & gas application.
“Looking at 2011, it is anticipated that automotive and general industrial business will continue to grow at a reasonable pace. Aerospace, defence and energy demand has begun to recover, although within this the power generation segment remains soft.” added Harris, “In summary, the Board is confident that 2011 will be another year of growth for Bodycote, albeit at a less rapid rate than experienced in 2010.”
More information www.bodycote.com
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