Acquisitions drive engineering firm Bodycote to full-year profit

Thu Feb 27, 2014 2:54am EST

Feb 27 (Reuters) - British engineering company Bodycote Plc reported a 9 percent rise in full-year 2013 profit after acquisitions made the previous year helped it ride out tough market conditions.

Pretax profit rose to 98.4 million pounds ($163.71 million) for the year ended Dec. 31 from 90.0 million pounds a year earlier, Bodycote said in a statement.

Revenue rose 5 percent to 619.6 million pounds. Without the three acquisitions made in 2012, which contributed 32.4 million pounds in sales last year, overall revenue would have fallen.

Bodycote, which heat-treats jet engine turbine blades and other aircraft and car parts, said its overall margins rose to 17.3 percent from 16.6 percent a year earlier.

Chief Executive Stephen Harris said in a statement that the company's board expected "growth initiatives to deliver further progress in 2014."

Bodycote raised its ordinary share dividend to 13.5 pence from 12.3 pence a year earlier. It also said it would pay a special dividend of 10 pence.

Shares of the Macclesfield, Cheshire-based company closed at 696 pence on the London Stock Exchange on Wednesday.