Bodycote PLC on Thursday reported a decline in revenue but celebrated constant currency organic revenue growth when excluding surcharges.
The Cheshire, England-based supplier of heat treatments and specialist thermal processing services said revenue fell 4.6% to £268 million in the first four months of 2024 from £281 million a year prior.
However, the company highlighted that when excluding surcharges and Lake City Heat Treating, whose $66.5 million acquisition was completed in January, constant currency organic revenue growth was 2.7% year-on-year.
Thursday’s trading statement was released ahead of the company’s annual general meeting, with Jim Fairbairn becoming Bodycote’s new chief executive officer after the meeting. He replaces Stephen Harris, who early this month became chair of London-based hardware and software for broadcasters, film studios and other content creation Videndum PLC.
Fairbairn said: ‘Bodycote continues to demonstrate good growth against a mixed picture of end market dynamics and the group is well positioned for the remainder of 2024.’
Bodycote also said it has bought back £10.8 million worth of shares so far in the £60 million share buyback programme that was announced in January.
Bodycote shares were 0.7% higher at 737.20 pence each on Thursday morning in London.
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