Bodycote eyes strong FY

27th Apr 2011 07:48

Engineering firm Bodycote expects headline operating profit for the year to 31 December 2011 to be towards the top end of analysts' forecasts after strong demand for heavy trucks.The metals engineer said revenues for the three months to 31 March 2011 were 19.2% higher than in the same period last year.The group saw progress across most of its divisions, which include aerospace and defence, construction, power generation and oil and gas, while demand at its Industrial Gas Turbine unit stabilised, but remains weak."In Automotive & General Industrial, car and light truck sales have continued to grow, albeit at a slower rate than last year," Bodycote said in a company statement.It added, "Heavy truck revenues have continued to increase strongly and sales to general industrial customers have continued the robust performance seen in the latter part of 2010," Bodycote said the trends seen in the second half of 2010 have broadly continued in the first quarter of 2011.Net borrowing at 31 March was £49.9m, compared to £51.3m at 31 December 2010. CJ