Bodycote PLC Trading Update (9735T)
20 Noviembre 2019 - 01:00AM
UK Regulatory
TIDMBOY
RNS Number : 9735T
Bodycote PLC
20 November 2019
20 November 2019
Bodycote plc
Trading Update
Bodycote, the world's leading provider of heat treatment and
specialist thermal processing services, is issuing the following
trading update, covering the four-month period from 1 July to 31
October 2019 ("the period").
Summary and Outlook
Bodycote's performance in the period reflected a continuation of
the trends of the first half, with civil aerospace revenues growing
strongly; and the automotive and general industrial market sectors
remaining soft. Cost control initiatives remain a priority, with a
particular focus on the areas of our operations where we are seeing
revenue weakness. Consequently, margins and underlying cash
generation remain strong. Overall, Bodycote's Board is confident
that the Group's full year result will be in line with current
market expectations.
Trading Update
Market conditions during the period have remained as they were
at the half-year. Group revenue for the period was GBP244.7m, 1%
higher than last year (1% decline at constant currency). Growth in
both Specialist Technologies and Emerging Markets improved.
Specialist Technologies' revenue grew 6% during the period (5% at
constant currency) while Emerging Markets' revenue grew 14% (12% at
constant currency). Group revenue for the 10 months to 31 October
2019 was flat, with the period result representing a marginally
improving trend on the first-half growth rate.
All percentage movements in the following review of the Group's
markets compare to the same period from July to October 2018, at
constant currency, unless otherwise stated.
Civil aerospace revenue grew ahead of the background market.
Total civil aerospace revenue grew 14%, with North America again
registering particularly good growth, benefiting from an increase
in both content and volume of LEAP engines.
Energy revenue declined 2%, as growth in subsea was more than
offset by weakness in North American onshore revenue. Industrial
Gas Turbines (IGT) revenue registered modest growth against the
comparable period for the first time in two years, although it is
too early to assume that this resumption in growth will
continue.
Car and light truck revenue declined 6%. Western Europe
continued to be the main area of weakness, with revenue dropping
14%. We have now passed the anniversary of the introduction of the
Worldwide Harmonised Light Vehicle Test Procedure (WLTP)
regulations in Europe. However, poor visibility on the future
direction of the market leads us to continue to prepare ourselves
for all eventualities.
General industrial revenue was 6% lower, with capital
expenditure related revenues continuing to be soft as macroeconomic
uncertainty remains heightened.
On a divisional basis, ADE revenues were up 6% to GBP103.4m at
actual rates (up 3% at constant currency, and also up 3% for the 10
months to 31 October 2019), while AGI revenues were down 3% to
GBP141.4m (down 4% at constant currency, and for the 10 months to
31 October 2019, down 5%).
Financial position
Net debt at 31 October 2019 was GBP4.8m (excluding lease
liabilities) compared to net debt of GBP25.5m at 30 June 2019. The
interim dividend of 6.0p per share was paid on 8 November 2019, at
a cost of GBP11.4m.
Trading Update Conference Call
Stephen Harris and Dominique Yates will be hosting a conference
call for analysts and investors at 8.00am today (Wednesday, 20
November 2019).
Participant's dial in number : +443333009261 (Direct)
Participants will be asked for names only, no PIN required
For further information, please contact:
Bodycote plc
Stephen Harris, Group Chief Executive
Dominique Yates, Chief Financial Officer
Tel No +44(0) 1625 505300
FTI Consulting
Richard Mountain
Susanne Yule
Tel No +44 (0) 2037271340
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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November 20, 2019 02:00 ET (07:00 GMT)
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