London · Delayed Price · Currency is GBP · Price in GBX Bodycote Earnings Call Transcripts
Fiscal Year 2025
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Stable core revenues in 2025 with strong H2 momentum in Aerospace & Defense, while oil and gas and auto markets remained weak. Margin and EPS declined, but cash conversion and balance sheet stayed robust. 2026 outlook is for organic growth and margin expansion, led by aerospace and IGT.
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Sequential revenue growth and strong execution offset tough end markets, with profit improvement expected in H2. Expanded Optimise program and targeted investments support medium-term growth, while aerospace and defence drive momentum.
Fiscal Year 2024
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Resilient 2024 performance with margin and cash flow improvements, despite tough markets. Specialist technologies led growth, while precision heat treatment remained resilient. Strategic optimization, sustainability progress, and disciplined capital allocation position the business for medium-term margin and growth targets.
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Organic revenue growth remains modest but positive, with Specialist Technologies and energy segments outperforming, while industrial markets lag. Cost management and capital allocation are disciplined, with continued investment in high-growth areas and a major share buyback nearing completion.
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First-half results showed margin and profit growth led by specialist technologies, with strong aerospace and energy segments offsetting weakness in automotive and industrial markets. A GBP 28.3 million SAP write-off and FX headwinds impacted results, but the outlook for margin expansion and organic growth remains positive.