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February 28, 2013 12:25 am
Booming demand for commercial aircraft has boosted full year numbers at Bodycote, driving up shares in the thermal processing specialist.
Bodycote’s technology is used to heat-treat turbine blade jet engines and other aerospace components, and has benefited from demand from aircraft makers such as Boeing and Airbus.
Shares in the Cheshire-based company rose 7 per cent after 2012 pre-tax profit, sales, earnings per share and the dividend all rose year on year.
“We have been improving the business over the past few years and this is more of the same,” said Stephen Harris, Bodycote chief executive.
Better pricing at Bodycote’s automotive and general industrial division kept margins constant in spite of sales contracting 3 per cent. However, that was offset by the company’s aerospace, defence and energy business, where turnover rose 11.5 per cent.
Trading on a forward price/earnings multiple of 14, the shares are higher than Cobham’s 11, but are still worth considering.
|Year to December 31||% change|
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