Bodycote profit soars, ups divi
Metals and alloys treatment firm Bodycote said profit surged 68% after strong demand at its aerospace and defence unit and robust sales overseas.
Metals and alloys treatment firm Bodycote said profit surged 68% after strong demand at its aerospace and defence unit and robust sales overseas.
The group said despite economic headwinds, particularly in Europe, the business would continue to make progress in the coming year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Bodycote yesterday announced a £12.75m investment programme in north America as it beefs up business in the aerospace, defence and energy markets. It is also driving growth at its Hot Isostatic Pressing (HIP) division. Revenues at the unit grew by over 60%.
Pre-tax profit from continuing operations rose to £75.8m for the year ended 31 December 2011 from £45.2m previously. Revenue from continuing operations increased to £570.7m from £499.8m the year before.
Headline operating margin rose to 15% from 10.4% last year and it intends on improving this further.
Commenting on the group's progress chief executive Stephen Harris said the group's strategy is aimed at growing the business above and beyond the background growth rate of the global economy.
"The pace of execution of this strategy is gaining momentum and we enter 2012 in good shape."
He added, "The macroeconomic environment may continue to be challenging, but with nearly half of the group's activity in areas which have long term growth drivers that are less likely to be impacted by economic headwinds."
A dividend of 10.9p has been recommended, up from 8.7p the year before.
-
Hargreaves Lansdown shakes up fees in biggest change in 10 years – what does it mean for you?Hargreaves Lansdown is lowering its headline fee from 0.45% to 0.35% – but not everyone will be happy with the new fee structure, it’s been suggested.
-
Michael Moritz: The richest Welshman to walk the EarthMichael Moritz started out as a journalist before catching the eye of a Silicon Valley titan. He finds Donald Trump to be “an absurd buffoon”
