Bodycote (LSE:BOY), the world's leading provider of specialist thermal processing services, said trading in the first four months was in line with expectations and it is maintaining its full-year outlook.
Group revenue rose 1.9% at constant currency in the period while Core revenues increased 9.0% at constant currency, led by Specialist Technologies (organic +16.5%) and strength in Aerospace & Defence and industrial gas turbines, with Core organic growth excluding the January Spectrum acquisition at 8.4%.
"Our full year outlook is unchanged. Trading year-to-date and continued strategic progress underpin our expectation to deliver Core organic revenue growth and improved operating margins for the full year," Bodycote said.
The firm's Optimise programme is on track, with 21 non‑Core sites fully exited and a further three ceased operations at the end of April, and the company expects to exit around 90% of the 31 non‑Core plants by year‑end while integration of Spectrum is largely complete and additional bolt‑ons are being evaluated.
Bodycote announced an £80m share buyback at the full-year results on 11 March, and between 11 March and 30 April purchased 1m shares for £6.6m at a volume‑weighted average price of 660p, with the programme due to complete by the end of 2027.
