**SummaryBodycote plc November 2025 Trading Update**
Bodycote plc, the global leader in specialist thermal processing services, reported improved momentum in its November 2025 trading update, covering the period from July to October 2025. Key highlights include
1. **Revenue Growth**
**Core Business**Organic revenue grew by 2.2% year-on-year, with year-to-date (YTD) revenue 1.4% lower than the prior year, reflecting improved momentum across most end markets.
**Group**Organic revenue increased by 0.3% year-on-year, despite headwinds from Non-Core plant closures, with YTD revenue 2.7% lower at £613m.
2. **End Market Performance**
**Aerospace & Defence**Strong growth with accelerating momentum, driven by a ramp-up in LEAP engine-related work.
**Automotive**Low single-digit growth, supported by stronger light vehicle production in Q3, though Q4 is expected to soften.
**Industrial Markets**Remain challenging, particularly in Europe, but with easier comparators leading to a more modest decline.
**Oil & Gas**Delays in contract ramp-ups in the Middle East impacted performance.
3. **Specialist Technologies**
Momentum improved, with organic revenue 1.8% below prior year, driven by Aerospace & Defence growth. Oil & Gas and Industrial Markets remained weak.
Expectation of improved growth for the remainder of the year, supported by Aerospace and higher deliveries in HIP Product Fabrication.
4. **Precision Heat Treatment**
Organic revenue grew 4.1%, with YTD growth at 0.6%, led by Industrial Gas Turbines and Aerospace & Defence.
5. **Optimise Programme**
Progress on plant closures and revenue transfers, with the sale of 10 French Automotive and Industrial sites nearing completion.
On track to deliver £4-5m full-year benefit to Core operating profit, with £15m run-rate benefits expected by mid-2027.
6. **Outlook**
Stronger profit performance expected in H2 vs H1, driven by Aerospace & Defence growth, improved Specialist Technologies trading, and Optimise benefits.
H2 operating profit projected to be broadly in line with H2 2024 (£62.2m).
7. **Strategic Initiatives**
Investments in US Precision Heat Treatment sites, HIP capacity expansion, and a new greenfield S3P site in Asia to support future growth.
Continued focus on M&A opportunities for bolt-on acquisitions.
Bodycote remains committed to executing its Optimise, Perform, and Grow initiatives to enhance resilience and accelerate growth. The company cautions that forward-looking statements are subject to risks and uncertainties.