Metal treatment specialist Bodycote (LON:BOY) bounced higher as it indicated while subdued trading was not getting any worse.
In the period July to October, revenue fell 7.5% though margins held at the same level seen in the first half of the year.
Operating profit in 2015 should still be in a range between £101m to £106m, even though the company expects no improvement in underlying trading conditions.
Both divisions saw revenues fall in the latest period.
Energy related income tumbled by 41%, though civil aircraft demand picked up.
Growth in car markets was also offset by a slide in heavy trucks and general industrial demand.
Bodycote warned it faces a £2mln increase in start-up costs in the current year due to new plants in China, France, Mexico, the US and Poland.
Broker Investec added the update was typical of Bodycote’s past performances, where it has shown it can protect profitability in difficult conditions while generating significant cash.
That is an attractive combination, it added.
Shares rose 7% to 533p.