Interim report
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Bodycote www.bodycote.com Bodycote plc Interim results for the six months to 30 June 2021 Strong profit and cash performance ; Full year guidance raised Financial summary Revenue Headline operating profit¹ Headline operating margin¹ Exceptional items² Free cash flow¹ Basic headline earnings per share 1.3 Interim dividend per share Additional statutory measures Operating profit / ( loss ) Profit / ( loss ) after tax Net cash from operating activities Basic earnings / ( loss ) per share Highlights • Revenues up 5.9 % 4 to £ 312.9m ( 2.0 % at actual rates ) • Headline Operating Profit up 35 % 4 to £ 48.7m • Half year to 30 June 2021 Half year to 30 June 2020 % % Change Constant Change Currency £ 312.9 £ 48.7 m £ 306.7 m 2.0 % 5.9 % m 15.6 % £ 37.8 m 12.3 % 29 % 35 % - m £ ( 32.1 ) m £ 60.2 m £ 69.7 m -14 % 18.5 p 14.2 р 30 % 6.2 p 6.0 р Half year to 30 June 2021 Half year to 30 June 2020 £ 43.4 m £ ( 1.0 ) m £ 31.5 m £ ( 2.3 ) m £ 78.2 m £ 75.5 m 16.4 р ( 1.3 ) р Headline Operating Margin increased to 15.6 % ( 2020 : 12.3 % ) ; with AGI margins above 20 % for the first time • Free cash flow of £ 60m ( 124 % free cash conversion ) • £ 78m net cash from operating activities • • On track to deliver £ 20m net restructuring cost savings in 2021 • • Profits benefit strongly from restructuring and efficiency improvements , with gearing 5 over 70 % Specialist Technologies and Emerging Market strategies delivering strong outperformance against background markets Full year guidance raised Commenting , Stephen Harris , Group Chief Executive said : " Bodycote's headline operating margin , at 15.6 % , has recovered strongly , boosted by good operational performance and net savings from the 2020 restructuring programme . AGI margins are above 20 % for the first time , while ADE margins have also improved over the previous half year . Revenues in the Automotive and General Industrial market sectors have shown good recovery , even if end market performance has been held back by the global chip shortage and supply chain constraints more generally .