Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said its revenue rose 17.2% to £420.1 million in the six months to June 30, 2023, while profit before taxation rose 33% to £55.2 million.

Interim dividend per share will rise 5% to. 6.7p.

Bodycote CEO Stephen Harris said: “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.

“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. Cash conversion improved and net debt reduced in the period.

“The strength of our balance sheet continues to provide options to drive shareholder value, in line with our disciplined capital allocation framework. 

“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.“