Business
Results for the six months to 30 June 2020
Results for the six months to 30 June 2020.
About this update from Bodycote Plc
[{"type":"text","content":"\n \n \n RNS Number : 8658T\n Bodycote PLC\n 23 July 2020\n \n \n \n \n Bodycote plc\n \n \n Results for the six months to 30 June 2020\n \n \n \n \n \n Strong cost control and excellent cash generation\n \n \n \n \n \n Financial highlights\n \n \n \n \n \n \n \n \n \n \n Half year to\n30 June\n2020\n \n \n \n \nHalf year to\n30 June\n2019\n \n \n % Change\n \n \n % Change Constant Currency\n \n \n \n \n Revenue\n \n \n \n £306.7m\n \n \n \n \n £366.5m\n \n \n \n \n -16.3%\n \n \n \n \n -16.6%\n \n \n \n \n \n Headline operating profit1\n \n \n \n £37.8m\n \n \n \n \n £66.9m\n \n \n \n \n -43%\n \n \n \n \n -43%\n \n \n \n \n \n Return on sales2\n \n \n \n 12.3%\n \n \n \n \n 18.3%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Headline profit before taxation1\n \n \n \n £35.0m\n \n \n \n \n £64.7m\n \n \n \n \n -46%\n \n \n \n \n -45%\n \n \n \n \n \n Exceptional restructuring costs3\n \n \n \n £(32.1)m\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 Free cash flow2\n \n \n \n £69.7m\n \n \n \n \n £44.6m\n \n \n \n \n 56%\n \n \n \n \n \n \n \n \n \n \n \n \n Basic headline earnings per share4\n \n \n \n 14.2p\n \n \n \n \n 25.6p\n \n \n \n \n -45%\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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Statutory results\n \n \n \n \n \n \n \n Half year to\n30 June\n2020\n \n \n \n \nHalf year to\n30 June\n2019\n \n \n \n \n Operating (loss)/profit\n \n \n \n £(1.0)m\n \n \n \n \n £64.4m\n \n \n \n \n \n (Loss)/profit before taxation\n \n \n \n £(3.8)m\n \n \n \n \n £62.2m\n \n \n \n \n \n Basic (loss)/earnings per share\n \n \n \n (1.3)p\n \n \n \n \n 24.7p\n \n \n \n \n \n \n \n \n Highlights\n \n \n · \n Results significantly impacted by pandemic related downturn\n \n \n · \n Immediate cost saving initiatives implemented; H1 operational gearing\n 5\n at 42%\n \n \n · \n Restructuring activities stepped up, yielding permanent future annualised cost savings of £58m \n \n \n · \n Excellent free cash flow of £69.7m, net debt £23.6m (pre IFRS16)\n \n \n · \n 2019 deferred dividend of 13.3p to be paid in September\n \n \n · \n Decision on 2020 interim dividend to be made in due course\n \n \n \n \n \n Commenting, Stephen Harris, Group Chief Executive sai...