Bodycote's revenues for the three months ended 31 March 2012 were 6.9% higher than in the same period last year (8.3% at constant exchange rates).
Bodycote's sales in aerospace, defence and energy were ahead by 13.5% (at constant exchange rates) compared to the same period in 2011. The defence sector remained stable and sales into oil and gas customers grew strongly. In automotive and general industrial, automotive sales continued to improve in North America but there was some "softness" in continental Europe, Bodycote reports. Revenues from general industrial customers remained strong, although growth rates were lower than in the corresponding quarter of 2011. In total, Bodycote's automotive and general industrial revenues were higher than Q1 of 2011 by 4.8% (at constant exchange rates).
“The Group delivered a strong first half performance despite currency headwinds and weakened demand in the Eurozone economies,” said Stephen Harris, Bodycote chief executive. “Looking forward into the second half, growth in aerospace and energy together with new technologies, is expected to counteract the effect of slowing economies. The Board remains confident that the ongoing execution of the Group’s strategy will continue to deliver superior through-cycle shareholder returns.”