The Bodycote Board has recommended a final ordinary dividend of 14.0p (2018: 13.3p), bringing the total ordinary dividend to 20.0p (2018: 19.0p). In light of the imminent acquisition of Ellison Surface Technologies, the Board is not recommending a special dividend this year (2018: 20.0p). If approved by shareholders, the final ordinary dividend will be paid on 5 June 2020 to shareholders on the register at the close of business on 24 April 2020.
Other financial highlights:
Resilient margin of 18.7% despite some tough market conditions - significant actions taken to reduce costs
o Civil Aerospace revenues up 17%
o Specialist Technologies revenues up 3%, continuing to outperform
Classical Heat Treatment (-4%)
o Emerging Markets' revenues up 5%
Strong free cash flow conversion of 91%
£61m expansionary investment in strategic growth areas in 2019
£154m acquisition of Ellison Surface Technologies strengthens aerospace business and Specialist Technologies; expected to complete Q1.