Bodycote Plc - Divisional re-statement for new reporting structure
PR Newswire
LONDON, United Kingdom, February 21
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.
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.
