21 February 2025
Bodycote
plc
Divisional
re-statement for new reporting structure
Bodycote,
the world's leading provider of precision heat treatment and
specialist thermal processing services, today publishes historical
financial information for 2023 and the first half of 2024
reflecting its new divisional reporting structure.
At our
Capital Markets Event on 12 December
2024 we announced a new reporting structure centred on two
high-quality, technology-focused divisions: Specialist Technologies
and Precision Heat Treatment. We also announced that, for a
temporary period, we would be reporting a small non-core division
as we progress with the Group's optimisation programme. This
replaces the prior reporting structure which included two end
market-focused divisions: Aerospace, Defence & Energy (ADE) and
Automotive & General Industrial (AGI). The new
technology-focused divisions are detailed below:
-
Specialist
Technologies includes our Hot Isostatic
Pressing (HIP), Specialty Stainless Steel Processes
(S3P)
and Surface Technologies activities. We have leadership positions
in each of these differentiated technologies and our focus is on
expanding our addressable markets to achieve consistent
above-market rates of growth, with strong
margins.
-
Precision Heat
Treatment includes our operations
that provide a range of leading heat treatment services globally.
We will focus on optimising our plant footprint and driving higher
quality, lower carbon, and higher value-add processes. We see
significant potential for sustainably improved margin performance
and further topline growth from this division.
-
Non-Core
includes a
number of plants that are subject to the strategic actions
announced in December 2024 to
optimise our plant footprint. These actions will enhance the
quality of our business and improve our financial
performance.
The new
reporting structure will be used when we announce our full year
2024 results, on 14 March
2025.
The
historical financial information contained in the following tables
is unaudited.
|
H1
2023
|
Specialist
Technologies
|
Precision
Heat Treatment
|
Non-core
|
Central
costs and eliminations
|
Total
|
|
Revenue
(£m)
|
106.6
|
282.8
|
30.7
|
-
|
420.1
|
|
Adjusted
operating profit/(loss)1
(£m)
|
25.6
|
47.8
|
2.5
|
(13.1)
|
62.8
|
|
Adjusted
operating margin1
(%)
|
24.0%
|
16.9%
|
8.1%
|
-
|
15.0%
|
|
H2
2023
|
Specialist
Technologies
|
Precision
Heat Treatment
|
Non-core
|
Central
costs and eliminations
|
Total
|
|
Revenue
(£m)
|
105.8
|
252.1
|
24.5
|
-
|
382.4
|
|
Adjusted
operating profit/(loss)1
(£m)
|
29.6
|
46.6
|
0.3
|
(11.7)
|
64.8
|
|
Adjusted
operating margin1
(%)
|
28.0%
|
18.5%
|
1.2%
|
-
|
16.9%
|
|
FY
2023
|
Specialist
Technologies
|
Precision
Heat Treatment
|
Non-core
|
Central
costs and eliminations
|
Total
|
|
Revenue
(£m)
|
212.4
|
534.9
|
55.2
|
-
|
802.5
|
|
Adjusted
operating profit/(loss)1
(£m)
|
55.2
|
94.4
|
2.8
|
(24.8)
|
127.6
|
|
Adjusted
operating margin1
(%)
|
26.0%
|
17.6%
|
5.1%
|
-
|
15.9%
|
|
H1
2024
|
Specialist
Technologies
|
Precision
Heat Treatment
|
Non-core
|
Central
costs and eliminations
|
Total
|
|
Revenue
(£m)
|
116.3
|
258.3
|
24.4
|
-
|
399.0
|
|
Adjusted
operating profit/(loss)1
(£m)
|
34.2
|
41.9
|
0.9
|
(10.2)
|
66.8
|
|
Adjusted
operating margin1
(%)
|
29.4%
|
16.2%
|
3.7%
|
-
|
16.7%
|
1
The term
used to describe our management-defined financial measures has been
changed from `headline' to `adjusted', in line with more common
market practice. The definition and calculation of these measures
is unchanged. For further detail on the definition of these
measures, see pages 152 and 153 of our 2023 Annual Report and
Accounts.
FY
2023 END MARKET EXPOSURE
|
Revenue
(%)
|
Specialist
Technologies
|
Precision
Heat Treatment
|
Non-core
|
Group
Total
|
|
Aerospace
and Defence
|
36%
|
25%
|
9%
|
27%
|
|
Automotive
|
9%
|
28%
|
46%
|
24%
|
|
Industrial
Markets
|
19%
|
29%
|
30%
|
27%
|
|
Energy
|
21%
|
6%
|
7%
|
10%
|
|
Consumer,
Medical and Other
|
15%
|
12%
|
8%
|
12%
|
|
Total
|
100%
|
100%
|
100%
|
100%
|
For
further information, please contact:
Bodycote
plc
Jim Fairbairn, Chief Executive Officer
Ben Fidler, Chief Financial Officer
Peter Lapthorn, Investor Relations and FP&A
Tel: +44
1625 505 300
Disclosures:
This
announcement contains forward-looking statements based on current
expectations and assumptions. Various known and unknown risks,
uncertainties and other factors may cause actual results to differ
from future results or developments expressed or implied from the
forward-looking statements. Each forward-looking statement speaks
only as of the date of this document. Bodycote plc accepts no
obligation to revise or update these forward-looking statements
publicly or adjust them to future events or developments, whether
as a result of new information, future events or otherwise, except
to the extent legally required.
