Profits surge as Bodycote marches on
Annual pre-tax profits have surged 67 per cent to £75.8m at Macclesfield thermal processing specialist Bodycote. The company said it was "starting to march to a drumbeat".
The business, which was established in 1923 and trades from 26 countries around the world, reported a 14.2 per cent rise in revenues to £570.7m in the year to 31 December 2011. Operating profit jumped 57 per cent to £80.4m.
Bodycote said improved margins were achieved in "nearly every area" of the group. It added: "The performance improvement and growth in the last few years has been continuous and the group is starting to march to a drumbeat, notwithstanding the hesitation that occurred in the global economic recovery in the second half of 2011."
Chief executive Stephen Harris said: "Bodycote's strategy is aimed at growing the business above and beyond the background growth rate of the global economy while delivering consistently superior value. The pace of execution of this strategy is gaining momentum and we enter 2012 in good shape.
"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 we believe there is a good prospect that the business will continue to move forward in the coming year."
Bodycote provides thermal processing services to the manufacturing sector. The company's board has recommended a final dividend of 7.3p per share payable in May 2012. Total dividend for the year will amount to 10.9p costing £20.7m.
