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Bodycote cuts costs as profits plunge

12 April 2012

BODYCOTE International, the group that heat-treats metals for everything from golf clubs to parts for the Space Shuttle, said 2002 had got off to a slower-than-expected start and plans to cut costs to improve profitability.

The company posted profits before tax and exceptionals of £66m in the year to 31 December 2001, from £80.1m last time, but in line with a December profits warning. Turnover rose to £479m from £371m. The total dividend is 6.1p a share.

Chief executive John Hubbard said that after a 'very rough start' to the year, inquiries had picked up and he was optimistic about the second half.

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