World’s Largest Heat Treater Releases 2022 Interim Results

UK based Bodycote, the largest commercial heat treater has just released their 2022 Interim financial results-the full report can be found at https://www.bodycote.com/investors/ As always they give us a very clear indication of the health of the global heat treatment industry. For a summary of the results we went to Joe Hoppe of “Market Watch” who had this summary;

“Bodycote PLC said Friday that its pretax profit rose slightly in the first half as revenue rose 15%, and that it expects to make further progress in the second half. The provider of heat-treatment and thermal-processing services reported a pretax profit of 41.6 million pounds ($50.7 million), compared with GBP40.5 million a year earlier.

The company said headline operating profit–a key measure that strips out exceptional and other one-off items–was GBP50.5 million, compared with GBP48.7 million for the year-prior period. The company said that it experienced a lag in being able to pass cost inflation to customers over the period and that it saw unprecedented daily demand volatility in April and May–factors that each hit its first-half headline operating profit, but have now stabilized.

Revenue rose to GBP358.5 million from GBP312.9 million, benefiting from price increases and energy surcharges successfully passed on to customers. The board declared an interim dividend of 6.4 pence, up from 6.2 pence a year before.

“While there are obvious geopolitical uncertainties, as matters stand today, we see the prospect of volume growth in each of our key market sectors and geographies and we anticipate making progress in the second half,” Bodycote said.”

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