Bodycote PLC (LON:BOY) shares jumped on Wednesday morning as the company reported solid growth in revenue for the first four months of the current year and said it expects full-year revenue and profit to be higher than previously expected.
In a trading update, the FTSE 250-listed company said its revenue for the four months ended 30 April 2018 was £243mln, 7% higher than a year ago and 10% higher at constant currency.
The heat treatment services provider said on a divisional basis, ADE revenues were up 5% to £94mln, while AGI revenues rose 9% to £149mln, and Specialist Technologies revenue grew 12% at constant currency rates.
The company said overall growth in energy revenues was 24%, with continued strength in onshore North American revenues, as well as early indications of an upturn in Western Europe oil & gas revenues.
Bodycote said: “We have seen robust growth in the first four months of the year in spite of the foreign currency headwind.”
The company added: “At this early stage, and notwithstanding the Group's limited visibility, the Board now expects full-year revenue to be higher than previously expected and headline operating profit to be slightly ahead of current analysts' consensus.”
In early morning trading, Bodycote’s shares gained 5.9% to 980.50p.