Bodycote reports strong Q1
INTERNATIONAL heat treatment group Bodycote has reported continued progress with sales in the first quarter up 6.9%year-on-year.
The Macclesfield-based engineering company said demand was strongest from the aerospace, defence and energy sector, which at constant exchange rates are up 13.5% year on year.
In a trading update ahead of its annual meeting the company said: “Bodycote has delivered a good performance in the first quarter of 2012.”
The company said its £32m acquisition of Curtiss-Wright Corporation’s heat treatment business, which was announced on April 2, meant it now has net debt of £20.2m, compared with net cash of £100,000 at the end of 2011.
In the 12 months to December 2011 the Curtiss Wright business delivered EBIT of $7.7m on revenues of $36.5m.
It has nine sites in Northern and Central USA serving a wide range of industries but with a particular focus on commercial aerospace and oil & gas (34% of sales).
