LONDON (dpa-AFX) - Shares of Bodycote Plc (BOY.L) were losing around 6 percent in the morning trade in London after the provider of heat treatment and specialist thermal processing services, reported Thursday that its four-month Group revenue was 193.6 million pounds, 20 percent lower than last year. Revenue declined 18 percent at constant currency.
This represents a recovery from the 28 percent decline in constant currency revenues in the second quarter when the COVID-19 related downturn was at its peak.
Group revenue for the 10 months to October 31 was 500.3 million pounds, 18 percent down on a reported basis and 17 percent lower at constant currency.
Revenues in the ADE business declined 33 percent, while revenues in the AGI division were down 15 percent.
Civil aerospace revenue declined the most, with like-for-like revenues down 50 percent. Energy revenue declined 18 percent as a result of weakness in our onshore US oil & gas business.
Car and light truck revenue declined 11 percent and General industrial revenue was 13 percent lower.
Emerging markets, dominated by automotive and general industrial revenues, returned to growth, increasing 2 percent, with a 20 percent increase in revenues in China more than offsetting continued weakness across Eastern Europe.
Bodycote further noted that once the restructuring announced in the first half has been fully completed, headcount will be reduced by a further 100 FTEs.
Further, the Board has approved the payment of an interim dividend for 2020 of 6.0p to be paid on 12 February 2021 to shareholders on the register at the close of business on 8 January 2021.
Looking ahead, the company expects civil aerospace market to remain near the current low levels for at least the next 18 months.
In London, Bodycote shares were trading at 718.50 pence, down 6.32 percent.
Copyright RTT News/dpa-AFX