Bodycote raises forecasts after strong start

FTSE 250 heat treatment outfit Bodycote (LON:BOY) has upped its full year forecasts today after revenues for the four months ended 30^th April climbed 7% to £243 million driven by a strong performance in the energy and automotive sectors.

There was also an encouraging improvement in profit margins. Management said that, notwithstanding the group’s restricted visibility, they expected revenues and headline operating profits to be marginally ahead of consensus forecasts.

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Analysts from Jeffries said that the company was “well-positioned for more progress over the next few years”, with potential to expand further through additional M&A activity. Shares in Bodycote had shot up by 6.02% to 62.58p at 14:15 BST.