Profit sinks at Bodycote, slow recovery

25th Feb 2010 08:09

Engineering firm Bodycote reported a decline in full year pre-tax profit and while there has been a slow recovery in demand, it expects a full recovery may take several years.Headline pre-tax profit fell to £3.7m for the year ended 31 December from £67.6m a year before. Revenue declined to £435.4m from £551.8m the time before.Commenting on trading, Stephen Harris, chief executive said, "Many of our automotive and general industrial markets have already started to recover but we do not expect the aerospace, defence and energy markets to strengthen until later in 2010." He added, "We anticipate that full recovery in demand may take several years. This notwithstanding, we enter 2010 with a reshaped business and renewed vigour." The final dividend has been maintained at 5.35p.