Auto and energy sectors push Bodycote ahead

BODYCOTE, the Macclesfield-based engineering group, has reported a first quarter revenue increase of 2.8% to £153m.

The company, which heat-treats jet engine turbine blades and other aircraft and car parts, said the performance was in line with the board’s expectations.

It saw revenues from aerospace and defence slip by 0.7%, reflecting a reduction in military budgets, but oil and gas-related income was up 1.9%, due to demand from the offshore industry.

The automotive and general industry sector reported a revenue increase of 3.9%. In Western Europe sales were ahead by 5.6% while North America declined by 1.2%.

The company said: “Noting that the group has limited forward visibility, the Board’s expectation for further progress in 2014 on a constant currency basis is unchanged from the time of the 2013 annual results’ announcement in February.”