Exchange rates dent Bodycote revenues
ENGINEERING group Bodycote has reported a revenue reduction 0.9% at £151.6m, for the first three months of the year compared to the same period in 2014.
However, turnover would have been 1.9% higher based on constant exchange rates, the Macclesfield-based company said in its latest trading update.
Aerospace, defence and energy business revenues were up 3.2% compared to the first quarter of 2014 (2.5% up at constant exchange rates).
Automotive and general industrial business revenues were down 3.9% (1.4% up at constant exchange rates).
Meanwhile, civil aviation income grew 2.7% and revenues from defence customers increased by 1.2%. Sales in oil and gas were higher by 18%.
Car and light truck revenues increased by 6.2%, with double-digit growth in North America and the emerging markets. Heavy truck revenues were lower by 2.7%.
General industrial demand was subdued, and revenues were 2.4% lower than in the same period last year, being affected notably by very weak agricultural equipment demand. “Revenues into this sector have been adversely impacted by a number of global factors, including the decline in ethanol demand, and this sector now represents less than 3% of group revenues,” the company said.
Net cash as at March 31 was £30.9m, compared to net cash of £35.7m at December 31 2014 and is in line with the company’s usual seasonal cash flow pattern. The final dividend for 2014 of 9.8p per share and a special dividend of 20p per share will be paid on May 1, at a total cost of £56.9m.
