Heat Treat Giant Releases Trading Update
Bodycote, the world’s largest commercial heat treater (“The Monty Heat Treat News” The Monty Heat Treat News – 50 Largest North American Commercial Heat Treats 2022 | The Monty) has just released a trading update for the period from January 1, 2023 to April 30, 2023 which shows the company is having a good year. The entire report can be found at Reports and results – Bodycote Plc
“MAY 31, 2023; Bodycote plc Trading Update; Bodycote, the world’s leading provider of heat treatment and specialist thermal processing services, issues a trading update covering the four-month period from 1 January to 30 April 2023 (“the period”), ahead of the Company’s 70th Annual General Meeting, which will be held at 12.00pm today.
Trading Summary. We have had a good start to the year and trading in the first four months has been modestly ahead of our expectations. Guidance for the full year remains unchanged. Group revenue for the period was £281m (up 22.1% at actual rates and 16.6% higher at constant currency). Growth excluding energy surcharges was 9.5% at constant currency. Energy surcharges have steadily declined from their peak in Q4 2022 in line with the global trend in energy costs. Revenue in the period also benefitted from price increases which have enabled us to successfully mitigate the impact of other inflationary effects on our cost base.
Both the AGI and ADE businesses achieved good revenue growth in the period. AGI revenues were up 19.4% to £162m (at constant currency, up 14.4% and up 6.4% excluding surcharges), with ADE revenues 26.0% above last year to £119m (at constant currency, up 19.8% and up 13.8% excluding surcharges).
Specialist Technologies’ revenue growth was 18.4% at constant currency, 15.0% excluding surcharges, with growth continuing to outperform our Classic Heat Treatment businesses, where revenues rose 15.9% at constant currency, 7.0% excluding surcharges. Specialist Technologies saw broad based growth across all of its key end markets. “
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