Interim Results

Bodycote International PLC
23 August 2000


For further information, please contact:

John Chesworth, Managing Director
David Landless, Finance Director       Tel:  [phone] (on 23/08/00)
Bodycote International plc             Tel:  [phone] thereafter

Scott Fulton
Financial Dynamics                     Tel:  [phone]


                          Bodycote International plc

                         Interim results announcement
                       For the half year to 30 June 2000

                                  HIGHLIGHTS

*    Sales volumes increased by 11%.
*    Operating performance up by 8%.
*    Earnings maintained despite Euro weakness.
*    Underlying markets and profitability improving.
*    Improving capacity utilisation.
*    Several new outsourcing contracts signed
*    10 acquisitions completed.


                              SUMMARY OF RESULTS
                                           Half year to  Half year to
                                           30 June 2000  30 June 1999
                                                                     
Turnover                                        £184.9m       £181.4m
Operating profit **                             £ 43.0m       £ 41.9m
Profit before taxation and exceptional                               
 items **                                       £ 40.0m       £ 40.8m
Headline earnings per share (pence)               11.2p         11.2p
Dividend per share (pence)                        2.15p         1.95p

** Expressed before amortisation of goodwill.

Commenting on the results, John Chesworth, Managing Director said:

'It  is a testimony to the strength of Bodycote's core businesses that  the
group  has  been  able  to match last year's result despite  the  difficult
trading conditions.  Although it is still too early to be definitive, there
are  clear  signs that these conditions are easing.  Coupled with  our  own
internal,   cost-driven  actions,  this  improvement  gives  us  reasonable
confidence for the second half of the current year.'

                             Chairman's Statement
                                       
Bodycote's major markets continued to recover slowly during the first half  of
the  year.   Sales  at £185 million were 2% up on the comparable  period  last
year,  and  were 7% higher for the continuing businesses. Overseas  sales  and
earnings  translations  were adversely affected by the strength  of  sterling.
Sales  were  reduced by £7.5 million and profit before tax  by  £1.4  million.
Rising  interest  rates also had an adverse effect.  Against this  background,
profit before tax and amortisation of goodwill was £40.0 million (1999:  £40.8
million),  and  earnings per share were unchanged at 11.2  pence.   Group  net
borrowings at 30 June were £111 million, which represents gearing of 31%.

The directors have declared an interim dividend of 2.15 pence per share (1999:
1.95  pence),  an increase of 10% over the first half of 1999.   The  dividend
will  be paid on 31 December 2000 to all shareholders on the register at close
of business on 1 December 2000.

Ten  acquisitions were made in the half-year to supplement and expand our core
activities.   The most notable in the heat treatment division were  Alphabraze
in  San  Francisco,  which  provides vacuum heat  treatment  services  to  the
computer  industry, and Uddeholm Heat Treatment in Ontario which services  the
Canadian  automotive  market.  The recently established  coatings  network  in
Scandinavia was further strengthened with the acquisitions of Industricrom and
Nikro-Galvano and the division expanded its geographic and technical base with
the  purchase of Diamond Black Technologies in the United States and  Procolor
in  France.   The  UK testing operations were extended by the acquisitions  of
Commercial   X-Ray  and  Materials  Engineering  and  Testing  Limited.    The
acquisitions  will  increase  the group's support  to  the  rapidly  expanding
telecommunications, computer and electronics sectors.  The total cost was  £21
million, of which £4 million was satisfied by Bodycote shares.

With  clear  evidence  of  improvement in the group's  main  markets,  further
acquisition opportunities and possibilities for geographic expansion, Bodycote
can look forward to the future with increasing optimism.




Dr Bruce Farmer CBE
Chairman
23 August 2000

                          Managing Director's Report

During  the period a gradual strengthening in markets took place resulting  in
sales  for  the  continuing businesses increasing from £173  million  to  £185
million (£192 million at constant currency rates).  A very creditable increase
in  operating profit, again at constant currency rates, from £41.0 million  to
£44.4  million  (+8%)  was  achieved.  After a poor  start  in  January,  when
profitability  was  affected by clients' overstocking in  1999,  margins  have
trended upwards and by the end of the period were cumulatively only 0.5%  down
at 23.5%.

Profit  before  tax and amortisation of goodwill was marginally  down  at  £40
million  (1999:  £40.8 million) largely caused by currency  translation  (£1.4
million) and higher interest rates (£0.9 million).

In  the core heat treatment division, solid growth in sales and profits, using
constant  currency  rates,  of  13%  and 8%  respectively  was  achieved.   As
expected,  the hot isostatic pressing division experienced reduced volumes  of
business  from  the  aerospace sector reducing margins from  34.8%  to  32.7%.
Continuing  low  activity  in the oil and gas sector  adversely  affected  the
results of the materials testing division, nevertheless sales increased by  9%
and  profitability  was  largely maintained  at  £4.3  million.   The  rapidly
developing metallurgical coatings division made excellent progress assisted by
a  number  of  acquisitions.   Sales and profits  increased  by  40%  and  68%
respectively and margins improved from 18.2% to 22%.

The group's priority is the greater utilisation of the capacity created by the
heavy  investment  programmes  of recent years and,  as  anticipated,  capital
expenditure was at a reduced level of £28 million (1999: £38 million).

Further substantial outsourcing contracts have been signed which will increase
capacity utilisation but, to further increase efficiency, Bodycote has decided
to  close the original (1972) Macclesfield plant and also the ageing plant  in
Sheffield,  both  of which serve the rather difficult UK automotive  component
market.

Bodycote  continues  to  drive for greater efficiency  to  assist  clients  to
compete in world markets and, with a generally more stable global economy, the
outlook for the group for 2000 is one of reasonable optimism.




John Chesworth
Managing Director
23 August 2000

BODYCOTE INTERNATIONAL PLC
Unaudited consolidated profit and loss account



                                Half year to    Half year to        Year to
                                     30 June         30 June    31 December
                                        2000            1999           1999
                                         £'m             £'m            £'m
Turnover                                                                   
Existing operations                    179.7           172.9          307.6
Acquisitions                             5.2               -           31.3
Continuing operations                  184.9           172.9          338.9
Discontinued operations                    -             8.5           16.5
                                       184.9           181.4          355.4
                                                                           
Operating profit                                                           
Existing operations                     40.0            39.7           73.2
Acquisitions                             1.1               -            4.8
Continuing operations                   41.1            39.7           78.0
Discontinued operations                    -             0.9            3.1
Total operations                                                           
- Trading                               43.0            41.9           84.0
- Goodwill                             (1.9)           (1.3)          (2.9)
Operating profit                        41.1            40.6           81.1
Exceptional items                                                          
Profit on disposal of                                                      
 discontinued operations                   -               -           11.8
Restructuring costs                        -               -          (5.1)
Profit on disposal of fixed                                                
 assets                                    -               -            0.7
                                                                           
Profit on ordinary                                                         
 activities before interest                                                
 and taxation                           41.1            40.6           88.5
Net interest payable                   (3.0)           (1.1)          (3.3)
Profit on ordinary                                                         
 activities before taxation             38.1            39.5           85.2
Tax on profit on ordinary                                                  
 activities                           (11.1)          (12.0)         (27.1)
Profit on ordinary                                                         
 activities after taxation              27.0            27.5           58.1
Minority interests - equity                -               -            0.1
Profit for the period                   27.0            27.5           58.2
Dividends - paid and                                                       
 proposed                              (5.6)           (5.0)         (14.2)
Retained profit for the                                                    
 period                                 21.4            22.5           44.0
                                                                           
Earnings per share                                                         
Headline                               11.2p           11.2p          22.5p
Ordinary                               10.4p           10.8p          22.6p
Diluted                                10.4p           10.6p          22.4p

BODYCOTE INTERNATIONAL PLC
Unaudited consolidated balance sheet


                                       As at           As at        As at
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
Fixed assets                                                             
Intangible assets                       76.2            58.5         64.1
Tangible assets                        389.0           330.0        357.4
Investments                              1.9             1.5          1.5
                                                                         
                                       467.1           390.0        423.0
Current assets                                                           
Stocks                                  15.7            17.1         13.1
Debtors                                120.3           107.2         98.6
Cash at bank and in hand                73.5            90.4         96.4
                                                                         
                                       209.5           214.7        208.1
Creditors                                                                
Amounts falling due within                                               
 one year                            (159.9)         (198.8)      (145.5)
                                                                         
Net current assets                      49.6            15.9         62.6
                                                                         
Total assets less current                                                
 liabilities                           516.7           405.9        485.6
                                                                         
Creditors                                                                
Amounts falling due after                                                
 more than one year                  (136.8)          (80.7)      (136.9)
                                                                         
Provisions for liabilities                                               
 and charges
Deferred taxation                     (16.6)          (11.9)       (16.4)
                                                                         
Net assets                             363.3           313.3        332.3
                                                                         
Capital and reserves                                                     
Called-up share capital                 26.0            25.7         25.8
Share premium account                  243.9           239.3        239.6
Revaluation reserve                      2.7             2.7          2.7
Currency and other reserve             (4.2)           (4.8)        (9.3)
Profit and loss account                 94.7            49.9         73.3
                                                                         
Shareholders' funds - equity           363.1           312.8        332.1
Minority interests - equity              0.2             0.5          0.2
                                                                         
                                       363.3           313.3        332.3

BODYCOTE INTERNATIONAL PLC
Unaudited consolidated cash flow statement


                                Half year to    Half year to      Year to
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
                                                                         
Net cash inflow from                                                     
 operating activities                                                    
 (Note A)                               30.2            40.3         94.6
                                                                         
Returns on investment and                                                
 servicing of finance                  (2.8)           (1.1)        (3.8)
                                                                         
Taxation                               (5.5)           (6.0)       (26.1)
                                                                         
Capital expenditure and                                                  
 financial investment                 (28.2)          (37.6)       (83.6)
                                                                         
Acquisitions and disposals                                               
 (Note B)                             (16.9)          (30.3)       (10.9)
                                                                         
Equity dividends paid                      -               -       (13.0)
                                                                         
Cash outflow before                                                      
 management of liquid                                                    
 resources and financing              (23.2)          (34.7)       (42.8)
                                                                         
Management of liquid                                                     
 resources                              19.1            10.2          2.6
                                                                         
Financing                                1.8            18.8         32.9
                                                                         
Decrease in cash in the                                                  
 period                                (2.3)           (5.7)        (7.3)


Reconciliation of net cash flow to movement in net debt

Decrease in cash in the year           (2.3)           (5.7)        (7.3)
                                                                         
Cash inflow from increase                                                
 in debt                               (0.8)          (18.3)       (32.2)
                                                                         
Cash inflow from movement in                                             
 liquid resources                     (19.1)          (10.2)        (2.6)
                                                                         
Change in net debt resulting                                             
 from cash flow                       (22.2)          (34.2)       (42.1)
                                                                         
Debt acquired with                                                       
 subsidiaries                          (3.8)           (6.5)        (7.9)
                                                                         
Currency adjustments                   (7.1)             2.0          6.6
                                                                         
Movement in net debt                                                     
 position                             (33.1)          (38.7)       (43.4)
                                                                         
Net debt position at                                                     
 1 January                            (78.4)          (35.0)       (35.0)
                                                                         
Net debt position at end of                                              
 period                              (111.5)          (73.7)       (78.4)




                                Half year to    Half year to      Year to
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
                                                              
Note A : Reconciliation of operating profit to net cash inflow from operating
activities

Operating profit                        41.1            40.6         81.1
Depreciation charges                    17.2            13.1         27.1
Amortisation of goodwill                 1.9             1.3          2.9
Profit on sale of tangible                                               
 fixed assets                              -               -        (0.4)
Cash impact of restructuring               -               -        (4.3)
Increase in stocks                     (2.1)           (1.6)        (3.1)
Increase in debtors                   (16.7)          (13.2)       (10.6)
(Decrease) / Increase in                                                 
 creditors                            (11.2)             0.1          1.9
                                                                         
Net cash inflow from                                                     
 operating activities                   30.2            40.3         94.6

Note B : Acquisitions and disposals

Net cash acquired with                                                   
 subsidiaries                            0.7             2.0          2.5
Purchase of subsidiary                                                   
 undertakings                         (17.6)          (32.3)       (36.1)
Net overdrafts disposed upon                                             
 sale of business                          -               -          0.6
Sale of discontinued                                                     
 operations                                -               -         22.1
                                                                         
Net cash outflow from                                                    
 acquisitions and disposals           (16.9)          (30.3)       (10.9)

Analysis of net debt position

                                       As at           As at        As at
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
                                                                         
Cash at bank and in hand                21.8            27.2         25.6
Short term deposits                     51.7            63.2         70.8
Bank overdrafts                        (4.7)           (6.3)        (6.7)
Bank loans due within one                                                
 year                                 (49.4)          (81.5)       (36.0)
Bank loans due after one                                                 
 year                                (125.8)          (72.0)      (127.4)
Finance leases due within                                                
 one year                              (0.8)           (1.2)        (1.1)
Finance leases due after one                                             
 year                                  (4.3)           (3.1)        (3.6)
                                                                         
                                     (111.5)          (73.7)       (78.4)
BODYCOTE INTERNATIONAL PLC
Consolidated statement of total recognised gains and losses



                                Half year to    Half year to      Year to
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
                                                                           
Profit for the financial                                                   
 period                                 27.0            27.5           58.2
Currency adjustments                     5.1           (7.4)         (11.7)
                                                                           
                                        32.1            20.1           46.5


Reconciliation of movements in shareholders' funds

Profit for the period                   27.0            27.5          58.2
Dividends paid and proposed            (5.6)           (5.0)        (14.2)
                                                                          
Retained profit for the                                                   
 financial period                       21.4            22.5          44.0
Currency adjustments                     5.1           (7.4)        (11.7)
New shares issued                        4.5             0.6           0.9
Goodwill written off on                                                   
 prior year acquisitions                   -               -         (0.1)
Goodwill written back on                                                  
 disposal                                  -               -           1.9
                                                                          
Net movement in                                                           
 shareholders' funds                    31.0            15.7          35.0
                                                                          
Shareholders' funds at                                                    
 beginning of period                   332.1           297.1         297.1
                                                                          
Shareholders' funds at end                                                
 of period                             363.1           312.8         332.1

BODYCOTE INTERNATIONAL PLC
Notes to the accounts



1. Segmental analysis by activity

                                Half year to    Half year to      Year to
                                     30 June         30 June  31 December
                                        2000            1999         1999
                                         £'m             £'m          £'m
Turnover                                                                 
                                                                         
Heat treatment                         120.2           111.9        220.5
Hot isostatic pressing                  16.5            17.8         33.3
Materials testing                       20.8            19.1         39.5
Metallurgical coatings                  19.1            13.7         29.5
Equipment manufacture                    8.3            10.4         16.1
                                       184.9           172.9        338.9
Discontinued operations                    -             8.5         16.5
                                                                         
                                       184.9           181.4        355.4
                                                                         
Profit and loss                                                          
                                                                         
Heat treatment                          27.2            26.0         51.2
Hot isostatic pressing                   5.4             6.2         11.8
Materials testing                        4.3             4.4          9.8
Metallurgical coatings                   4.2             2.5          5.9
Equipment manufacture                    2.4             2.4          3.0
                                        43.5            41.5         81.7
Discontinued operations                    -             0.9          3.1
                                        43.5            42.4         84.8
Head office expenses                   (0.5)           (0.5)        (0.8)
                                                                         
Operating profit before                                                  
 amortisation of goodwill               43.0            41.9         84.0
                                                                         
Net interest                           (3.0)           (1.1)        (3.3)
                                                                         
Profit on ordinary                                                       
 activities before                                                       
 amortisation of goodwill                                                
 and exceptional items                  40.0            40.8         80.7
                                                                         
Amortisation of goodwill               (1.9)           (1.3)        (2.9)
                                                                         
Profit on ordinary                                                       
 activities before                                                       
 exceptional items                      38.1            39.5         77.8
                                                                         
Exceptional items                          -               -          7.4
                                                                         
Profit on ordinary                                                       
 activities before Taxation             38.1            39.5         85.2


2.   The  interim financial information has been prepared on the basis of  the
     accounting policies set out in the group's statutory accounts for the    
     year ended 31 December 1999.

3.   The  calculation of ordinary earnings per share is based on  earnings  of
     £27.0 million (1999: £27.5 million) and on the average number of shares  
     in issue  during the half year amounting to 259,205,930 (1999:           
     257,121,766).  Headline earnings per share have been calculated on       
     profits of £28.9 million (1999: £28.7 million), which are stated before  
     amortisation of goodwill and the  post  tax impact of exceptional items. 
     Diluted earnings  per  share calculated in accordance with FRS14 were    
     10.4p (1999: 10.6p) based  on  a diluted  weighted  average  share       
     capital of  259,563,223  shares  (1999: 258,216,392).

4.   The  charge  for taxation on the profit for the period is  based  on  the
     estimated effective rate for the full year.  The amount includes £9.1    
     million (1999: £9.6 million) relating to tax on overseas activities.

5.   The  results  for the year ended 31 December 1999 are extracts  from  the
     published accounts as filed with the Registrar of Companies.  These  were
     audited and reported upon without qualification by Arthur Andersen and   
     did not contain a statement under section 237 (2) or (4) of the Companies
     Act 1985.

6.   Copies  of  this  report  and the last Annual  Report  and  Accounts  are
     available  from the Secretary, Bodycote International plc,  Hulley  Road,
     Hurdsfield, Macclesfield, Cheshire SK10 2SG, and can each be downloaded  
     or viewed via the group's website at www.bodycote.com.

Independent review report to Bodycote International plc

Introduction
We have been instructed by the company to review the financial information set
out on pages 6 to 12 and we have read the other information contained therein
and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board.  A review consists principally
of making enquiries of group management and applying analytical procedures to
the financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions.  It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.  Accordingly we do not express an audit option on the
financial information.

Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2000.


Arthur Andersen, Chartered Accountants and Registered Auditors
Bank House, 9 Charlotte Street, Manchester M1 4EU  23 August 2000