AGM and IMS Statement

RNS Number : 1758R

Bodycote PLC

27 April 2009

 



27 APRIL 2009

CHAIRMAN'S AGM AND INTERIM MANAGEMENT STATEMENT

Bodycote is issuing its interim management statement covering the period from 1 January to 27 April 2009 to coincide with the company's 56th Annual General Meeting

The 2008 preliminary results, announced on 25 February 2009, highlighted the difficult economic and trading environment and uncertainty as to the duration of these adverse market conditions. The aerospace, power generation, oil and gas markets were steady at the beginning of the year but some softening in these segments is now evident. After a very slow start to 2009 in the automotive, heavy truck and construction segments, activity has been gradually picking up. Nevertheless, overall Group sales from the continuing business in the first three months of the year were 11% below the same period in 2008 (26% in constant currency) and there is now greater uncertainty as to the level of demand for the balance of the year.

We also indicated at the time of the preliminary results our plans for additional restructuring in 2009, beyond that included in the restructuring charge taken in 2008. This additional restructuring was originally targeted at South America, and is now being expanded and extended to cover deeper cost reductions in continental Europe.

All of the restructuring efforts are proceeding to plan and the benefit is starting to feed through in 2009 with the full benefits to be realised in 2010.

With a strong balance sheet, experienced management teams and leading market positions, the Board remains confident in the medium and long term prospects for the Group.  

The Interim Results will be announced on 29 July 2009.

Conference Call

Stephen Harris and David Landless will be hosting a conference call for analysts and investors at 08.30 hours today (27 April). A copy of the presentation to be made at today's AGM will be made available on the Bodycote website later this morning.

Dial in number:  [phone]

Bodycote PLC	Financial Dynamics
Tel [phone]	Tel: [phone]
Stephen Harris, Chief Executive	Jon Simmons, Susanne Yule
David Landless, Finance Director

The Interim Management Statement, issued in accordance with the EU Disclosure and Transparency Directive, may contain forward-looking statements which:

• have been made by the directors in good faith based on the information available to them up to the time of their approval of this statement; and
  
• should be treated with caution due to the inherent uncertainties, which are beyond the Board's ability to control or estimate precisely and include both economic and business risk factors, underlying such forward looking information.

 

END

 

 

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