Bodycote plc, headquartered in Macclesfield, Cheshire, UK, has released its 2023 first-half results, reporting a strong performance that slightly exceeded expectations. Revenue increased by 17.2% to £420.1 million (13.8% at constant currency), with underlying revenue growth of 8.0% excluding energy-related surcharges. Headline operating profit grew by 23% to £62.8 million.
“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,” Stephen Harris, Group Chief Executive stated in the report summary. “In particular, we achieved good progress in our strategic focus areas of specialist technologies, emerging markets, civil aerospace and electric vehicles. We continue to manage inflationary cost pressures well through energy surcharges and price increases. The group remains on track to achieve a margin in excess of 20% over the medium term.”
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The results also included the company’s strategic priorities, which focus on specialist technologies, emerging markets, civil aerospace, and electric vehicles. In the first half of the year, ongoing investments in Specialist Technologies delivered 13% growth, with adoption and market penetration continuing to accelerate. Both emerging markets and civil aerospace had 10% growth respectively.
During the period, the company stated that it expanded its HIP capacity in multiple locations in USA. It also announced that Stephen Harris will step down as Group Chief Executive in 2024.
“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,” Harris concluded.