REG-Bodycote Plc: Divisional re-statement for new reporting structure

BodycoteAnnouncement

21/02/2025 13:00

Bodycote, the world's leading provider of precision heat treatment and
specialist thermal processing services, today publishes historical financial
information for 2023 and the first half of 2024 reflecting its new divisional
reporting structure.

 

21 February 2025

Bodycote plc

Divisional re-statement for new reporting structure

 

 

Bodycote, the world's leading provider of precision heat treatment and
specialist thermal processing services, today publishes historical financial
information for 2023 and the first half of 2024 reflecting its new divisional
reporting structure.

 

At our Capital Markets Event on 12 December 2024 we announced a new reporting
structure centred on two high-quality, technology-focused divisions:
Specialist Technologies and Precision Heat Treatment. We also announced that,
for a temporary period, we would be reporting a small non-core division as we
progress with the Group's optimisation programme. This replaces the prior
reporting structure which included two end market-focused divisions:
Aerospace, Defence & Energy (ADE) and Automotive & General Industrial (AGI).
The new technology-focused divisions are detailed below:

 
* Specialist Technologies includes our Hot Isostatic Pressing (HIP), Specialty
Stainless Steel Processes (S3P) and Surface Technologies activities. We have
leadership positions in each of these differentiated technologies and our
focus is on expanding our addressable markets to achieve consistent
above-market rates of growth, with strong margins. 
* Precision Heat Treatment includes our operations that provide a range of
leading heat treatment services globally. We will focus on optimising our
plant footprint and driving higher quality, lower carbon, and higher value-add
processes. We see significant potential for sustainably improved margin
performance and further topline growth from this division.
* Non-Core includes a number of plants that are subject to the strategic
actions announced in December 2024 to optimise our plant footprint. These
actions will enhance the quality of our business and improve our financial
performance.
The new reporting structure will be used when we announce our full year 2024
results, on 14 March 2025.

 

The historical financial information contained in the following tables is
unaudited.

 

 H1 2023                                   Specialist Technologies  Precision Heat Treatment  Non-core  Central costs and eliminations  Total  
 Revenue (£m)                              106.6                    282.8                     30.7      -                               420.1  
 Adjusted operating profit/(loss) 1 (£m)   25.6                     47.8                      2.5       (13.1)                          62.8   
 Adjusted operating margin 1 (%)           24.0%                    16.9%                     8.1%      -                               15.0%  

 

 H2 2023                                   Specialist Technologies  Precision Heat Treatment  Non-core  Central costs and eliminations  Total  
 Revenue (£m)                              105.8                    252.1                     24.5      -                               382.4  
 Adjusted operating profit/(loss) 1 (£m)   29.6                     46.6                      0.3       (11.7)                          64.8   
 Adjusted operating margin 1 (%)           28.0%                    18.5%                     1.2%      -                               16.9%  

 

 FY 2023                                   Specialist Technologies  Precision Heat Treatment  Non-core  Central costs and eliminations  Total  
 Revenue (£m)                              212.4                    534.9                     55.2      -                               802.5  
 Adjusted operating profit/(loss) 1 (£m)   55.2                     94.4                      2.8       (24.8)                          127.6  
 Adjusted operating margin 1 (%)           26.0%                    17.6%                     5.1%      -                               15.9%  

 

 H1 2024                                   Specialist Technologies  Precision Heat Treatment  Non-core  Central costs and eliminations  Total  
 Revenue (£m)                              116.3                    258.3                     24.4      -                               399.0  
 Adjusted operating profit/(loss) 1 (£m)   34.2                     41.9                      0.9       (10.2)                          66.8   
 Adjusted operating margin 1 (%)           29.4%                    16.2%                     3.7%      -                               16.7%  

 

1  The term used to describe our management-defined financial measures has
been changed from `headline' to `adjusted', in line with more common market
practice. The definition and calculation of these measures is unchanged. For
further detail on the definition of these measures, see pages 152 and 153 of
our 2023 Annual Report and Accounts.

  

FY 2023 END MARKET EXPOSURE

 

 Revenue (%)                  Specialist Technologies  Precision Heat Treatment  Non-core  Group Total  
 Aerospace and Defence        36%                      25%                       9%        27%          
 Automotive                   9%                       28%                       46%       24%          
 Industrial Markets           19%                      29%                       30%       27%          
 Energy                       21%                      6%                        7%        10%          
 Consumer, Medical and Other  15%                      12%                       8%        12%          
 Total                        100%                     100%                      100%      100%         

 

 

For further information, please contact:

Bodycote plc

Jim Fairbairn, Chief Executive Officer

Ben Fidler, Chief Financial Officer

Peter Lapthorn, Investor Relations and FP&A

Tel: +44 1625 505 300

Disclosures:

This announcement contains forward-looking statements based on current
expectations and assumptions. Various known and unknown risks, uncertainties
and other factors may cause actual results to differ from future results or
developments expressed or implied from the forward-looking statements. Each
forward-looking statement speaks only as of the date of this document.
Bodycote plc accepts no obligation to revise or update these forward-looking
statements publicly or adjust them to future events or developments, whether
as a result of new information, future events or otherwise, except to the
extent legally required.



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