Bodycote revenue up 1% as automotive, industrial still weak

20th Nov 2019 08:06

(Sharecast News) - Heat processing firm Bodycote reported a better-than-expected 1% rise in revenue for the four months to October 31, despite continuing weaknesses in its automotive and general industrial sectors, as it reaffirmed its full-year outlook.
The company on Wednesday said its specialist technologies and emerging markets units reported revenue increases of 6% and 14% respectively, while at civil aerospace the rise was 14%. Group revenue for the period came in at £244.7m.

Energy revenue fell 2% on the back of weakness in the US shale market, car and light truck revenue declined 6% as weaker European markets took a toll and general industrial revenue was 6% lower on heightened macroeconomic uncertainty .

"Overall, Bodycote's board is confident that the group's full-year result will be in line with current market expectations,' the company said in a statement

Morgan Stanley's had forecast a 0.9% decline in organic growth for second half 2019 sales due to headwinds in the automotive and general industrials segments with continued weakness in US shale markets expected to have exerted a drag on the firm's Energy division.