Good start to the year as Bodycote plans Harris succession

Stephen Harris is to retire as chief executive of Bodycote after 15 years of strong growth and international expansion..

With a headquarters in Macclesfield, Bodycote is the world’s leading provider of heat treatment and specialist thermal processing services

Bodycote’s Chair, Daniel Dayan, will start the process of seeking Harris’ replacement and will tell the Annual General Meeting today: “Stephen’s leadership of the Group over the last 15 years has been exceptional. We look forward to continuing to work with him as we move forward with the succession process.”

A formal process to recruit Stephen’s successor will now commence, led by the Nomination Committee of the Board, and will consider a range of internal and external candidates.

The AGM will also be told that Bodycote has had “a good start to the year and trading in the first four months has been modestly ahead of our expectations”.

Revenue for the period was £281m (up 22.1% at actual rates and 16.6% higher at constant currency). Growth excluding energy surcharges was 9.5% at constant currency. 

Energy surcharges have steadily declined from their peak in Q4 2022 in line with the global trend in energy costs. Revenue in the period also benefitted from price increases which have enabled us to successfully mitigate the impact of other inflationary effects on our cost base.

The business has also cut its net debt from £37.7m compared to £33.4m at 31 December 2022. 

Dayan said the company expects robust growth, leading to further margin expansion. Civil Aerospace division will benefit from increase in manufacturing of cars and aeroplanes globally.