Bodycote CEO to retire; Sees FY line line as sales grow
By Frank Prenesti
Date: Wednesday 31 May 2023
(Sharecast News) - Bodycote held annual guidance as it said trading in the first four months of the year had been "modestly" ahead of expectations, while chief executive Stephen Harris said he had decided to retire next year after 15 years in the role.
The heat treatment specialist for the automotive and defence sectors said group revenue for the period was £281m, up 22.1% at actual rates and 16.6% higher at constant currency, driven by higher prices.
Growth excluding energy surcharges was 9.5% at constant currency. Bodycote said energy surcharges have steadily declined from their peak in the final quarter of 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," the company said.
Reporting by Frank Prenesti for Sharecast.com
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