Bodycote plc
Audited results for the year ended 31 December 2012
Financial Highlights
|
|
2012 |
2011 |
% change |
|
Revenue |
£587.8m |
£570.7m |
3.0 |
|
Headline operating profit1 |
£97.9m |
£85.5m |
14.4 |
|
Operating profit |
£93.4m |
£80.4m |
16.2 |
|
Headline profit before taxation1 |
£94.3m |
£80.9m |
16.6 |
|
Profit before taxation |
£89.8m |
£75.8m |
18.5 |
|
Headline operating cash flow2 |
£110.8m |
£96.0m |
15.4 |
|
Operating cash flow3 |
£103.0m |
£90.3m |
14.1 |
|
Net debt / (cash) |
£34.2m |
£(0.1)m |
- |
|
Basic headline earnings per share4 |
37.4p |
32.7p |
14.4 |
|
Basic earnings per share |
35.8p |
30.0p |
19.3 |
|
Dividend per share |
12.3p |
10.9p |
12.8 |
|
Return on capital employed5 |
19.5% |
16.9% |
2.6ppt |
Highlights
Headline margin improved from 15.0% to 16.6% despite European headwinds
Headline operating profit up 14.4%
Revenue growth of 3.0% (6.4% at constant currency)
Continued strong cash generation, headline operating cash conversion6 of 113%
North American network enhanced by £85m of acquisitions
Dividend increased by 12.8% to 12.3p per share
Commenting, Stephen Harris, Chief Executive said:
"2012 has been another year of good progress. Growth in our global Aerospace and Energy business outweighed the decline in Automotive and General Industrial markets in Europe. Improving business mix and the part-year benefit of acquisitions have enabled further improvements in performance and enhanced the Group's geographic balance.
2013 has started slowly and we are mindful of the near term macroeconomic environment. Nevertheless, at this early stage in the year the Board expects modest progress in 2013.
Looking further ahead, the improvements made to the business in recent years give the Board confidence that Bodycote will continue to deliver good profits and cash through the business cycle."
