Bodycote has a long and successful history of servicing its wide-ranging customer base.

Our extensive network of facilities enables the business to offer customers the broadest range of capability and security of supply. Each of our AGI facilities works with customers to respond with the expertise and appropriate service level required, no matter the size of the customer’s demand.

The following review reflects constant currency growth rates unless stated otherwise.

Revenue was £447.0m, an increase of 4% on the prior year (4% at actual exchange rates). There was good growth in the first half of the year, led by automotive sales in Eastern Europe, with a softening in the second half due to weaker industrial end-markets.

Headline operating profit was £79.3m (2022: £80.8m), and headline operating margin declined slightly to 17.7% (2022: 18.7%) and 19.6% excluding the revenue effect of energy-related surcharges (2022: 20.4%), impacted by the low volume levels in the second half of the year. Statutory operating profit declined to £77.6m (2022: £78.2m).

We spent £14.4m on expansionary capital expenditure, with ongoing expansion in Emerging Markets, particularly in Eastern Europe and China.

Return on capital employed was broadly stable at 17.8% (2022: 18.2%).