Bodycote returns to profit as revenue hits £616m

Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said its 2021 revenue increased 3% to £615.8 million, including a full year contribution from its acquisition of North American business Ellison Surface Technologies.

Statutory profit before tax was £77.5 million, compared to a loss of £1.5 million in 2020.

Total ordinary dividend will be 20p, up from 19.4p in 2020.

Bodycote said its General Industrial revenues increased 14% to £254 million, its Automotive revenues increased 9% to £168 million and Aerospace & Defence revenues were 1% lower than the prior year.

Bodycote CEO Stephen Harris said: We saw good progress in 2021, with margins increasing to 15.4%, as Bodycote benefited from strong recovery in general industrial markets and completion of the restructuring programme.

“The results also highlight the progress we are making in our strategic focus areas.  

“As we moved into 2022, General Industrial continued to perform strongly, and Civil Aerospace growth has accelerated.

“Bodycote’s Automotive business continued to be impacted by supply chain disruption for our customers, but signs of improvement are evident.

“And while we expect cost inflation to persist, we will continue to manage its impact on the business.

“In summary, the board expects further progress in 2022, but remains mindful of the current geo-political and macro-economic landscape.

“Looking further ahead, the outlook for the business remains positive as we benefit from high profit drop through on revenue growth across all our market sectors.”

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