Source - SMW
Heat treatments supplier Bodycote swung to a loss in the first half of the year as performance was 'significantly' impacted by the pandemic related downturn.
 
Results for the six months to 30 June 2020, the company reported a pre-tax loss of £3.8m compared with a profit of £62.2m on-year.
 
The performance in the first half was dominated by the sharp impact of the pandemic related demand reductions, which started in the third week of March, the company said.
 
'Second quarter revenues on a like-for-like basis were 33% below those in the prior year, reflecting the impact of shutdowns at our customers' locations,' it added.
 
The company said its organisational restructuring programme announced in March had been expanded and accelerated and would permanently reduce operating expenses by around 10%.
 
Bodycote said the immediate outlook was 'difficult' to predict amid the ongoing pandemic.








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