Bodycote Group (LSE:BOY) shares fell 8% after the company struck a cautious tone in its full-year results.
The heat treatment specialist reported a tough 2024, with mixed end markets and a sharp drop in reported profits due to one-off charges.
Adjusted operating profit edged up 1.1% to £129m, but statutory operating profit slumped 68% to £37.9m after £78.3m in charges, including a tech impairment, restructuring costs, and a goodwill write-down in North America.
CEO Jim Fairbairn said margins improved thanks to growth in Specialist Technologies and cost-cutting in automotive and industrial heat treatment.
Looking ahead, automotive and industrial markets remain weak, but aerospace and defence demand is strong.
In mid-morning trading, the stock was down 53p at 584p.