Bodycote on track to meet margin target as aerospace boosts profit
Heat treatment and thermal processing services specialist Bodycote delivered a rise in annual profits, driven by a strong performance at its aerospace and defence division.
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The company on Thursday posted an operating profit of £127m, up 14%, with revenues increasing 8% to £802m and said it was on track to deliver medium-term margin growth of more than 20%.
On a pre-tax basis, profits were up to £111.7m from £95.3m.
“Despite macroeconomic uncertainty we expect to deliver further progress in 2024. We anticipate a reduction in the level of energy surcharges, reflecting further normalisation of energy prices,” the company said on Friday.
Reporting by Frank Prenesti for Sharecast.com