Business
Interim results for the six months to 30 June 2023
Interim results for the six months to 30 June 2023.
About this update from Bodycote Plc
[{"type":"text","content":"\n\n\nBodycote plc\nInterim results for the six months to 30 June 2023\n\"Strong first half performance, modestly ahead of expectations\"\n \nFinancial summary\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\nHalf year to\n\n\n \n\n\nHalf year to\n\n\n\n\n\n%\n\n\n\n\n\nConstant\n\n\n\n\n\n\n\n30 June 2023\n\n\n \n\n\n30 June 2022\n\n\n\n\n\nChange\n\n\n\n\n\nCurrency\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£420.1m\n\n\n \n\n\n£358.5m\n\n\n\n\n\n17.2%\n\n\n\n\n\n13.8%\n\n\n\n\nHeadline operating profit1\n\n\n£62.8m\n\n\n \n\n\n£50.5m\n\n\n\n\n\n24%\n\n\n\n\n\n23%\n\n\n\n\nHeadline operating margin1\n\n\n15.0%\n\n\n \n\n\n14.1%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow1\n\n\n£56.2m\n\n\n \n\n\n£31.8m\n\n\n\n\n\n77%\n\n\n\n\n\n\n\n\n\n\nNet debt1,5\n\n\n£26.6m\n\n\n \n\n\n£57.5m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic headline earnings per share1,2\n\n\n23.8p\n\n\n \n\n\n19.1p\n\n\n\n\n\n25%\n\n\n\n\n\n\n\n\n\n\nInterim dividend per share\n\n\n6.7p\n\n\n \n\n\n6.4p\n\n\n\n\n\n 5%\n\n\n\n\n\n\n\n\n\n\n \nAdditional statutory measures\n\n\n\n\n\n\n\nHalf year to\n\n\n \n\n\nHalf year to\n\n\n\n\n\n\n\n30 June 2023\n\n\n \n\n\n30 June 2022\n\n\n\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\nOperating profit\n\n\n£58.7m\n\n\n \n\n\n£45.0m\n\n\n\n\nProfit after tax\n\n\n£42.9m\n\n\n \n\n\n£32.5m\n\n\n\n\nNet cash from operating activities\n\n\n£92.5m\n\n\n \n\n\n£61.0m\n\n\n\n\nBasic earnings per share\n\n\n22.2p\n\n\n \n\n\n16.9p\n\n\n\n\n \nHighlights\nResults\n§ Revenue up 17.2% to £420.1m (13.8% at constant currency)\n§ 8.0% revenue growth3 excluding energy-related surcharges\n§ Headline operating profit 23%3 higher at £62.8m\n§ Operating margin of 16.5%, up 180 bps excluding energy surcharge revenues. Headline operating margin up 90 bps to 15.0%\n§ Free cash flow improved to £56.2m; 90% cash flow conversion (H1 2022: £31.8m, 63% conversion)\n \nKey Achievements\n§ Strong first half performance, modestly ahead of expectations\n§ Energy surcharges continue to recover energy cost inflation\n§ Price increases successfully implemented, covering labour and other cost inflation\n§ 8% revenue growth4 achieved in H1 led by:\n§ Specialist Technologies up 13%\...