Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said its 2022 revenue rose 20.8% to £743.6 million while profit before taxation increased 23% to £95.3 million.

Total ordinary dividend rises to 21.3p from 20p in 2021.

Bodycote CEO Stephen Harris said: “Bodycote’s growth in 2022 was well above the background growth in our served markets, augmented by investment over the last several years in the higher growth markets of Specialist Technologies, Emerging Markets, Civil Aerospace and electric vehicles, which now represent more than half of the group’s revenue and 62% of headline operating profit.

“A key achievement has been the recovery of energy cost increases through surcharges and the full recovery of other inflation through permanent price increases. 

“Headline EPS increased by 19%, reflecting the strong growth and the focus on operational efficiency. 

“While there are near term macroeconomic uncertainties, we expect underlying volume to continue to grow ahead of the background markets, and margins are expected to expand as surcharges moderate. 

“Beyond 2023, we expect robust growth, leading to further margin expansion.

“Civil Aerospace will benefit from higher OEM build rates and increasing airline flying hours, and our investments in Emerging Markets and Specialist Technologies will drive higher growth in these areas.

“The board remains confident in the group’s prospects for continued profitable growth.“