Bodycote PLC on Friday said profit and revenue rose in 2022 as it passed on inflationary pressures to its customers through permanent price increases.

The Cheshire-based supplier of heat treatments and specialist thermal processing services reported pretax profit for 2022 of £95.3 million, up 23% from £77.5 million in 2021.

Revenue was £743.6 million, increasing 21% from £615.8 million the year prior.

The company said: ‘The group successfully passed on inflationary impacts to its customers during the year through price increases and energy surcharges.’

The company said basic earnings per share increased 24% to 38.6 pence from 31.2p the year prior.

Bodycote declared a final dividend of 14.9p per share, up from 13.8p in 20221, bringing the total dividend to 21.3p, up from 20.0p.

Looking ahead, Chief Executive Officer Stephen Harris said: ‘While there are near term macroeconomic uncertainties, we expect underlying volume to continue to grow ahead of the background markets, and margins are expected to expand as surcharges moderate.

‘Beyond 2023, we expect robust growth, leading to further margin expansion. Civil Aerospace will benefit from higher OEM build rates and increasing airline flying hours, and our investments in Emerging Markets and Specialist Technologies will drive higher growth in these areas.’

Bodycote shares rose 7.0% to 622.11 pence each in London on Friday morning.

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