Bodycote Sees Higher-Than-Expected Revenue

Bodycote (BOY.L), a British engineering firm, said early Wednesday that it expects full-year revenue and headline operating profit to be higher than previously estimated, after strong growth in its automotive and industrial business underpinned a jump in first-quarter group sales.

Total revenue for the four months that ended April 30 stood at 243 million pounds ($322.5 million), up 7% from a year ago and 10% higher on a constant-currency basis, the company said in a trading update.

On a divisional basis, automotive and general industrial sales, which accounts for the biggest chunk of group revenues, surged 9% to 149 million pounds, while aerospace, defense, and energy, which is the second-highest contributor to total turnover, reported a 5% jump to 94 million pounds.

Noting that the company has seen robust growth in the first four months in spite of the foreign currency headwind, Bodycote said its board expects the full-year revenue to be higher than previously expected.

It also anticipates that headline operating profit would come in slightly ahead of the average analyst consensus compiled by the company of 133.1 million pounds, with a range of 124.5-140.0 million pounds.

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