Bodycote on track to meet margin target as aerospace boosts earnings

15th Mar 2024 07:04

(Sharecast News) - Heat treatment and thermal processing services specialist Bodycote delivered a rise in annual profits, driven by a strong performance at its aerospace and defence division.

The company on Thursday posted an operating profit of £127m, up 14%, with revenues increasing 8% to £802m and said it was on track to deliver medium-term margin growth of more than 20%.

On a pre-tax basis, profits were up to £111.7m from £95.3m.

"Despite macroeconomic uncertainty we expect to deliver further progress in 2024. We anticipate a reduction in the level of energy surcharges, reflecting further normalisation of energy prices," the company said on Friday.

Reporting by Frank Prenesti for Sharecast.com