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LONDON - Bodycote (LON:BOY), a global leader in precision heat treatment and specialist thermal processing services, has released historical financial data for 2023 and the first half of 2024, reflecting a new divisional reporting structure. This follows the announcement made at the Capital Markets Event on December 12, 2024, where Bodycote introduced a new structure centered on two divisions: Specialist Technologies and Precision Heat Treatment, along with a temporary non-core division.
The Specialist Technologies division encompasses Hot Isostatic Pressing (HIP), Specialty Stainless Steel Processes (S3P), and Surface Technologies, areas where Bodycote claims leadership positions. The company aims to expand these markets to achieve growth and maintain strong margins. The Precision Heat Treatment division is focused on optimizing plant operations and advancing lower carbon, high-value processes, with expectations of improved margins and growth.
Additionally, a non-core division has been established, comprising plants undergoing strategic actions to optimize operations, as announced in December 2024. These actions are expected to enhance Bodycote’s business quality and financial performance.
The new reporting structure will be in effect for the full year 2024 results, set to be announced on March 14, 2025. The provided historical financial information, which is unaudited, shows that for the first half of 2023, Specialist Technologies generated £106.6 million in revenue with an adjusted operating margin of 24.0%, while Precision Heat Treatment brought in £282.8 million with a 16.9% margin. The non-core division had £30.7 million in revenue with an 8.1% margin.
For the full year 2023, Specialist Technologies reported £212.4 million in revenue with a 26.0% adjusted operating margin. Precision Heat Treatment had £534.9 million in revenue with a 17.6% margin, and the non-core division had £55.2 million in revenue with a 5.1% margin. The first half of 2024 saw Specialist Technologies with £116.3 million in revenue and a 29.4% margin, while Precision Heat Treatment had £258.3 million in revenue with a 16.2% margin.
Bodycote’s end-market exposure for FY 2023 showed that Aerospace and Defence accounted for 27% of the group’s total revenue, with Automotive at 24%, Industrial Markets at 27%, Energy at 10%, and Consumer, Medical (TASE:BLWV), and Other at 12%.
This financial restructuring reflects Bodycote’s strategic focus on technological leadership and operational optimization. The information is based on a press release statement from Bodycote.
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