Bodycote

BOY · Main Market · Industrial Goods and Services · mcap £1,542m · 910.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 28 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,560m
Owner’s net cash: −£145.3m
Net cash / market cap: -9%
EV ex leases: £1,707m
Revenue: £739.3m
Operating profit: £88.0m
Free cash flow after leases: £50.3m
EV / EBIT: 19.4×
FCF yield: 3.2%
Price / tangible book: 4.99×
ROCE: 10%
Net income (owners): £58.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 28 Jul 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Revenue	381.2	369.0
Cost of sales and overheads 1	(328.7)	(320.2)
Other operating income 1	5.0	2.5
Other operating expenses 1	(0.7)	(0.6)
Net impairment losses on financial assets 1	(0.8)	(0.4)
Operating profit before exceptional items	56.0	50.3
Exceptional items	(10.4)	(9.1)
Operating profit	45.6	41.2
Finance income	0.2	0.2
Finance charges	(4.6)	(4.8)
Profit before taxation	41.2	36.6
Taxation charge	(10.0)	(8.6)
Profit for the period	31.2	28.0
Attributable to
Equity holders of the Parent	31.0	27.7
Non-controlling interests	0.2	0.3
Total attributable to	31.2	28.0
Earnings per share Pence Pence
Basic	18.1	15.5
Diluted	18.1	15.5
Total earnings per share Pence Pence	1	–

Source ↗

	30 June 2026 £m	31 December 2025 £m
Non-current assets
Goodwill	201.0	200.5
Other intangible assets	99.3	99.2
Property, plant and equipment	476.7	477.7
Right-of-use assets	49.5	54.3
Deferred tax assets	4.2	3.4
Trade and other receivables	2.3	2.6
Total non-current assets	833.0	837.7
Current assets
Inventories	32.1	28.7
Current tax assets	12.0	13.0
Trade and other receivables	167.6	145.2
Cash and bank balances	23.2	25.2
Total current assets	234.9	212.1
Assets held for sale	5.1	3.8
Total assets	1,073.0	1,053.6
Current liabilities
Trade and other payables	154.3	122.2
Current tax liabilities	30.9	34.3
Borrowings	2.5	0.8
Lease liabilities	12.6	13.6
Provisions	10.2	13.1
Total current liabilities	210.5	184.0
Net current assets	24.4	28.1
Non-current liabilities
Borrowings	155.9	129.2
Lease liabilities	43.1	47.2
Retirement benefit obligations	10.1	10.3
Deferred tax liabilities	38.1	38.6
Provisions	2.2	2.2
Other payables	0.2	0.2
Total non-current liabilities	249.6	227.7
Total liabilities	460.1	411.7
Net assets	612.9	641.9
Equity
Share capital	29.5	30.0
Share premium account	177.1	177.1
Own shares	(5.9)	(6.5)
Translation reserves	31.7	28.8
Other reserves	140.1	135.5
Retained earnings	238.7	275.3
Equity attributable to equity holders of the parent	611.2	640.2
Non-controlling interests	1.7	1.7
Total equity	612.9	641.9

Source ↗

	2026 £m	2025 £m
Net cash from operating activities	62.4	65.8
Investing activities
Purchases of property, plant and equipment	(35.8)	(38.0)
Proceeds on disposal of property, plant and equipment	3.1	0.4
Purchases of other intangible assets	(0.2)	(0.6)
Acquisition of businesses, net of cash acquired	(5.5)	-
Net proceeds on disposal of business	1.4	-
Repayments of loans issued	0.3	0.1
Interest received	0.2	0.2
Net cash used in investing activities	(36.5)	(37.9)
Financing activities
Interest paid	(4.2)	(4.2)
Dividends paid	(27.6)	(28.8)
Principal elements of lease payments	(6.9)	(6.8)
Drawdown of bank loans	88.2	48.4
Repayments of bank loans	(61.5)	(2.6)
Ordinary shares purchased for share buyback	(17.8)	(30.9)
Net cash used in financing activities	(29.8)	(24.9)
Net (decrease)/increase in cash and cash equivalents	(3.9)	3.0
Cash and cash equivalents at beginning of year	24.4	16.0
Effect of foreign exchange rate changes	0.2	(0.4)
Cash and cash equivalents at end of period	20.7	18.6

Source ↗

	2025 £m	2024 £m
Revenue	727.1	757.1
Cost of sales and overheads 1	(627.0)	(647.8)
Other operating income 1	6.5	9.7
Other operating expenses 1	(0.7)	(0.4)
Net impairment losses on financial assets 1	(1.4)	(2.4)
Operating profit before exceptional items	104.5	116.2
Exceptional items	(20.9)	(78.3)
Operating profit	83.6	37.9
Finance income	0.4	0.8
Finance charges	(9.5)	(10.3)
Profit before taxation	74.5	28.4
Taxation charge	(19.1)	(7.7)
Profit for the Year	55.4	20.7
Attributable to
Equity holders of the Parent	54.9	20.0
Non-controlling interests	0.5	0.7
Total attributable to	55.4	20.7
Earnings per share Pence Pence
Basic	31.0	10.8
Diluted	31.0	10.7
Total earnings per share Pence Pence	1	–

Source ↗

	2025 £m	2024 £m
Non-current assets
Goodwill	200.5	207.0
Other intangible assets	99.2	114.4
Property, plant and equipment	477.7	481.2
Right-of-use assets	54.3	56.4
Deferred tax assets	3.4	7.0
Trade and other receivables	2.6	2.8
Total non-current assets	837.7	868.8
Current assets
Inventories	28.7	28.1
Current tax assets	13.0	10.1
Trade and other receivables	145.2	141.3
Cash and bank balances	25.2	19.1
Total current assets	212.1	198.6
Assets held for sale	3.8	-
Total assets	1,053.6	1,067.4
Current liabilities
Trade and other payables	122.2	146.7
Current tax liabilities	34.3	32.2
Borrowings (restated) 1	0.8	3.1
Lease liabilities	13.6	13.1
Provisions	13.1	11.9
Total current liabilities	184.0	207.0
Net current assets/(liabilities) 1	28.1	(8.4)
Non-current liabilities
Borrowings (restated) 1	129.2	84.3
Lease liabilities	47.2	50.4
Retirement benefit obligations	10.3	11.3
Deferred tax liabilities	38.6	41.2
Provisions	2.2	2.5
Other payables	0.2	0.8
Total non-current liabilities	227.7	190.5
Total liabilities	411.7	397.5
Net assets	641.9	669.9
Equity
Share capital	30.0	31.6
Share premium account	177.1	177.1
Own shares	(6.5)	(11.1)
Translation reserves	28.8	38.8
Other reserves	135.5	141.3
Retained earnings	275.3	290.4
Equity attributable to equity holders of the parent	640.2	668.1
Non-controlling interests	1.7	1.8
Total equity	641.9	669.9
	1	–

Source ↗

	2025 £m	2024 £m
Net cash from operating activities	143.5	152.6
Investing activities
Purchases of property, plant and equipment	(76.4)	(70.1)
Proceeds on disposal of property, plant and equipment	4.7	13.4
Purchases of other intangible assets	(2.1)	(4.1)
Acquisition of businesses, net of cash acquired	-	(52.2)
Net proceeds on disposal of business	17.6	0.4
Repayments of loans issued/(loans issued)	0.2	(1.0)
Interest received	0.4	0.8
Net cash used in investing activities	(55.6)	(112.8)
Financing activities
Interest paid	(8.6)	(9.7)
Dividends paid	(40.9)	(42.9)
Principal elements of lease payments	(13.8)	(13.5)
Drawdown of bank loans	53.6	75.2
Repayments of bank loans	(12.3)	(19.0)
Ordinary shares purchased for share buyback	(57.6)	(57.7)
Net cash used in financing activities	(79.6)	(67.6)
Net increase/(decrease) in cash and cash equivalents	8.3	(27.8)
Cash and cash equivalents at beginning of year	16.0	44.7
Effect of foreign exchange rate changes	0.1	(0.9)
Cash and cash equivalents at end of year	24.4	16.0

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	739.3	727.1	757.1
Adjusted EBITDA	188.9	184.7	198.7
EBITDA	171.0	166.5	185.9
Adjusted operating profit	120.2	114.3	129.0
Exceptional / adjusting items	(22.2)	(20.9)	(78.3)
Operating profit	88.0	83.6	37.9
Depreciation (owned assets)	55.3	56.5	59.7
Depreciation (right-of-use)	13.4	13.1	13.6
Amortisation	11.1	10.9	12.4
Share-based payments	4.7	3.4	0.6
Operating profit to net income
Finance costs	(9.3)	(9.5)	(10.3)
Profit before tax	79.1	74.5	28.4
Tax	(20.5)	(19.1)	(7.7)
Net income (owners)	58.2	54.9	20.0
Per share
EPS basic	33.6p	31.0p	10.8p
EPS diluted	33.6p	31.0p	10.7p
Dividend per share	23.3p	23.0p	23.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	381.2	+3%	358.1	369.0
Adjusted EBITDA	94.4	+5%	94.5	90.2
EBITDA	87.0	+5%	84.0	82.5
Adjusted operating profit	61.0	+11%	59.2	55.1
Exceptional / adjusting items	(10.4)	+14%	(11.8)	(9.1)
Operating profit	45.6	+11%	42.4	41.2
Depreciation (owned assets)	27.0	−4%	28.3	28.2
Depreciation (right-of-use)	6.6	+5%	6.8	6.3
Amortisation	5.6	+4%	5.5	5.4
Share-based payments	3.4	+62%	1.3	2.1
Operating profit to net income
Finance costs	(4.6)	−4%	(4.7)	(4.8)
Profit before tax	41.2	+13%	37.9	36.6
Tax	(10.0)	+16%	(10.5)	(8.6)
Net income (owners)	31.0	+12%	27.2	27.7
Per share
EPS basic	18.1p	–	15.5p	15.5p
EPS diluted	18.1p	–	15.5p	15.5p
Dividend per share	7.2p	–	16.1p	6.9p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	140.1	143.5	152.6
Interest paid	(8.6)	(8.6)	(9.7)
Tax paid	(23.5)	(18.6)	(32.1)
Investing activities
Capex (PP&E)	(74.2)	(76.4)	(70.1)
Capex (intangibles)	(1.7)	(2.1)	(4.1)
Financing activities
Lease principal paid	(13.9)	(13.8)	(13.5)
Dividends paid	(39.7)	(40.9)	(42.9)
Share buybacks	(44.5)	(57.6)	(57.7)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	62.4	−5%	77.7	65.8
Interest paid	(4.2)	0%	(4.4)	(4.2)
Tax paid	(13.6)	+56%	(9.9)	(8.7)
Investing activities
Capex (PP&E)	(35.8)	−6%	(38.4)	(38.0)
Capex (intangibles)	(0.2)	−67%	(1.5)	(0.6)
Financing activities
Lease principal paid	(6.9)	+1%	(7.0)	(6.8)
Dividends paid	(27.6)	−4%	(12.1)	(28.8)
Share buybacks	(17.8)	−42%	(26.7)	(30.9)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	201.0	200.5	207.0
Other intangibles	99.3	99.2	114.4
Property, plant & equipment	476.7	477.7	481.2
Non-current assets	838.1	841.5	868.8
Current assets
Inventories	32.1	28.7	28.1
Trade receivables	167.6	145.2	141.3
Cash	23.2	25.2	19.1
Current assets	234.9	212.1	198.6
Total assets	1,073.0	1,053.6	1,067.4
Current liabilities
Trade payables	154.3	122.2	146.7
Borrowings, current	2.5	0.8	3.1
Lease liabilities, current	12.6	13.6	13.1
Current liabilities	210.5	184.0	207.0
Non-current liabilities
Borrowings, non-current	155.9	129.2	84.3
Lease liabilities, non-current	43.1	47.2	50.4
Pension surplus / (deficit)	(10.1)	(10.3)	–
Non-current liabilities	249.6	227.7	190.5
Total liabilities	460.1	411.7	397.5
Equity
Non-controlling interests	1.7	1.7	1.8
Total equity	612.9	641.9	669.9
Net cash and other figures
Net cash / (debt) ex leases	(135.2)	(104.8)	(68.3)
Net cash / (debt) incl. leases	(190.9)	(165.6)	(131.8)
Undrawn facilities	127.4	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	201.0	200.5	–	207.0
Other intangibles	99.3	99.2	–	114.4
Property, plant & equipment	476.7	477.7	–	481.2
Non-current assets	838.1	841.5	–	868.8
Current assets
Inventories	32.1	28.7	–	28.1
Trade receivables	167.6	145.2	–	141.3
Cash	23.2	25.2	–	19.1
Current assets	234.9	212.1	–	198.6
Total assets	1,073.0	1,053.6	–	1,067.4
Current liabilities
Trade payables	154.3	122.2	–	146.7
Borrowings, current	2.5	0.8	–	3.1
Lease liabilities, current	12.6	13.6	–	13.1
Current liabilities	210.5	184.0	–	207.0
Non-current liabilities
Borrowings, non-current	155.9	129.2	–	84.3
Lease liabilities, non-current	43.1	47.2	–	50.4
Pension surplus / (deficit)	(10.1)	(10.3)	–	–
Non-current liabilities	249.6	227.7	–	190.5
Total liabilities	460.1	411.7	–	397.5
Equity
Non-controlling interests	1.7	1.7	–	1.8
Total equity	612.9	641.9	–	669.9
Net cash and other figures
Net cash / (debt) ex leases	(135.2)	(104.8)	(112.5)	(68.3)
Net cash / (debt) incl. leases	(190.9)	(165.6)	(170.3)	(131.8)
Undrawn facilities	127.4	–	–	–

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