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Bodycote (BOY) investor relations material
Bodycote H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary30 Jul, 2025
Executive summary
Revenue improved sequentially from H2 2024 despite challenging market conditions, with Aerospace growth offsetting weakness in Automotive and Industrial markets.
Strategic initiatives, including the expanded Optimise programme, progressed and are expected to deliver at least £15 million annual profit benefit at a lower net cost.
Announced a new £30 million share buyback, supported by a strong balance sheet and low leverage.
Full-year outlook remains unchanged, with H2 profit improvement expected from Optimise benefits, Aerospace recovery, and new Specialist Technologies contracts.
Statutory operating profit increased 33.8% to £41.2 million due to lower exceptional charges, despite lower revenues.
Financial highlights
Group revenue was £369.0 million, down 7.5% year-over-year and 4.5% organically; core revenue declined 3.6% year-over-year but grew 4% sequentially from H2 2024.
Adjusted operating profit was £55.1 million (down from £66.8 million), with a margin of 14.9% (down 180bps year-over-year).
Adjusted EPS fell to 21.3p; interim dividend held at 6.9p.
Cash conversion at 68%; free cash flow £18.0 million; net debt (excluding leases) rose to £112.5 million, leverage at 0.6x.
Total shareholder returns of £60 million, including £30 million share buyback.
Outlook and guidance
Full-year profit improvement expected, driven by Optimise benefits, Aerospace growth, and Specialist Technologies order wins.
Specialist Technologies expected to return to growth in H2, with full-year performance flattish.
Optimise programme expected to deliver £4–5 million core benefit in FY25, with further improvement in H2.
FY25 operating profit consensus range: £115.7–123.0 million.
Macro environment remains uncertain, with continued challenges in Industrial and Automotive markets.
What's driving the expected H2 profit improvement?
Assess the impact of geopolitical risk.
Detail the B Carbon Smart program's rollout.
What is the rationale for the expanded Optimise program?
Describe M&A pipeline focus and criteria
What are the key drivers for A&D growth?
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H2 202513 Mar, 2026
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Frequently asked questions
Bodycote plc provides heat treatment and thermal processing services worldwide. The company operates in two Aerospace, Defence & Energy; and Automotive & General Industrial segments. It offers heat treatment services, including altering the microstructure of metals and alloys to impart properties comprising surface hardness, temperature resistance, ductility and strength; metal joining services consisting of electron beam welding, HIP diffusion bonding, hydrogen brazing, induction brazing and vacuum brazing; and hot isostatic pressing (HIP).
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