REVENUES at engineering group Bodycote, which has operations in Birmingham, Coventry and Wolverhampton, have climbed year-on-year by 19% in the first quarter of 2011.
In an interim management statement, to coincide with the firm’s 58th AGM today, Bodycote said that trends seen in the second half of 2010 had broadly continued during Q1 of 2011.
In automotive and general industrial, car and light truck sales have continued to grow, it says, albeit at a slower rate than last year.
“Heavy truck revenues have continued to increase strongly and sales to general industrial customers have continued the robust performance seen in the latter part of 2010,” the statement said.
“In aerospace, defence and energy, revenues from the commercial aerospace sector have continued to improve steadily with both original equipment manufacturer and maintenance and repair requirements increasing.
“Sales into oil and gas customers have continued to be strong, particularly in North America. Industrial gas turbine demand has stabilised, but remains weak.”
Net borrowing at the end of March was £49.9m, compared to £51.3m at the end of 2010, which reflecting the firm’s trading performance and normal seasonal cashflows, it adds.
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