LONDON (dpa-AFX) - Bodycote plc (BOY.L), on Wednesday, reported strong first-half results, modestly ahead of expectations.
The company's H1 profit was £42.9 million or 22.1p per share versus £32.5 million or 16.9p per share last year.
Profit before taxation amounted to £55.2 million higher than the previous year's profit of £41.6 million.
Headline earnings for the period were £45.4 million or 23.7p per share compared to £36.4 million or 19.1p per share in the prior year period.
Revenue for the period increased to £420.1 million from £358.5 million generated a year ago.
Stephen Harris, Group Chief Executive, said, 'We have delivered a strong performance in the first half, which was modestly ahead of our expectations and with broad-based growth across most of our end markets. In particular, we achieved good progress in our strategic focus areas of Specialist Technologies, Emerging Markets, Civil Aerospace and electric vehicles. We continue to manage inflationary cost pressures well through energy surcharges and price increases. The Group remains on track to achieve a margin in excess of 20% over the medium term.'
Looking beyond 2023, the Board 'remains confident in the Group's prospects for continued profitable growth.'
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