interim report 2013


Overview

Bodycote made good progress in the first half of 2013. Reported revenues increased by 5.0% (2.6% in constant currencies). Acquisitions made in 2012 added 7.0% to Group revenues, whilst organic revenues (in constant currencies) were lower by 4.5% (£13.5m) compared to the first half of 2012. Headline operating profit grew by 10.8% to £52.4m, operating profit grew by 10.8% to £50.3m, and Group headline margin at 16.6% increased by 90 basis points (2012: 15.7%).

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Financial highlights

2013
Revenue £316.5m
Headline operating profit £52.4m
Operating cash flow £43.5m
Basic earnings per share 18.9p
Interim dividend per share 4.4p

Business Review Aerospace, Defence & Energy

Revenues for the ADE business were £133.8m in the six months to June 2013 compared with £130.3m in 2012, an increase of 2.7% (0.5% in constant currencies), made up of an organic decline of 2.0% and growth from acquisitions of 2.5%.

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Business Review Automotive & General Industrial

Revenues for the AGI business were £182.7m in the first half of 2013, compared with £171.0m in 2012, an increase of 6.8%. The growth in constant currencies was 4.1%, made up of an organic decline of 6.4% and growth from acquisitions of 10.5%.

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Summary and outlook

The Group delivered a good first half result, with last year's acquisitions performing well. Improvements in mix and rigorous cost control outweighed softness in demand, resulting in increased margins.

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