Bodycote (BOY): Optimise programme and plant closures

This situation live

BOY Bodycote

£1,541m · 910.0p · +19% since the first step

16 Jan 2026 · Portfolio reshaping continues with a bolt-on · +0% until the next step In conjunction with the ongoing Optimise programme and the disposal of ten automotive and industrial focused sites in France (completed in November 2025), this acquisition demonstrates our ongoing foc

11 Mar 2026 · Well progressed; £4m benefit in 2025, c.£4m more in 2026 · +9% until the next step By the end of 2026, around 85% of site closures are expected to be complete, resulting in minimal run-rate Non-Core revenues.

27 May 2026 · On track; 21 of 31 sites exited · −17% until the next step In Optimise, we expect to exit around 90% of the 31 Non-Core plants by the end of the year.

28 Jul 2026 · 27 of 31 closures complete; scope expansion explored · +32% since To-date, 27 out of the 31 planned plant closures, disposals and consolidations are now complete and good progress has been achieved on overhead reductions.

Turnaround plan with targets

Optimise programme and plant closures

27 of 31 closures complete; scope expansion explored

Next: Decision on expanding Optimise to more sites; further closures

Every step · 4

16 Jan 2026 Portfolio reshaping continues with a bolt-on – In conjunction with the ongoing Optimise programme and the disposal of ten automotive and industrial focused sites in France (completed in November 2025),... ↗
11 Mar 2026 Well progressed; £4m benefit in 2025, c.£4m more in 2026 – By the end of 2026, around 85% of site closures are expected to be complete, resulting in minimal run-rate Non-Core revenues. ↗
27 May 2026 On track; 21 of 31 sites exited – In Optimise, we expect to exit around 90% of the 31 Non-Core plants by the end of the year. ↗
28 Jul 2026 27 of 31 closures complete; scope expansion explored – To-date, 27 out of the 31 planned plant closures, disposals and consolidations are now complete and good progress has been achieved on overhead reductions. ↗

What is happening

Bodycote: Optimise programme and plant closures – 27 of 31 closures complete; scope expansion explored. ['27 of 31 closures complete; scope expansion explored']

In short: Optimise delivered a £4m benefit in 2025, with about £4m more expected in 2026. By the H1 results of 28 July 2026, 27 of 31 planned plant closures, disposals and consolidations were complete (21 fully exited at end April), with a further c.£1m benefit in H1. Non-Core revenue fell 72% to £9.2m. The company is exploring expanding the scope; no decisions yet.
Announced: 16 Jan 2026 · Portfolio reshaping continues with a bolt-on
Latest: 28 Jul 2026 · 27 of 31 closures complete; scope expansion explored
Progress: 27 of 31 planned closures, disposals and consolidations complete (28 July 2026)
H1 benefit: further c.£1m of improvements delivered in H1 2026
Non-Core revenue: £9.2m in H1 2026, down 71.6% from £32.4m
Scope: Exploring expansion to structurally challenged Automotive and Industrial regional markets; no final decisions
Exceptional charge: £10.4m in H1 2026, almost entirely Optimise

What comes next

Decision on expanding Optimise to more sites; further closures.

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OverhangFMR LLC selling down – 10.0075% → 4.1404% in 3 notices Disposal of a part (break-up)Sale of 10 French sites – Completed; €22m cash received from Arcole Takeover targetOffer for the company – offer · closed Capital returnBuyback programme – proposed · closed Insider conviction1 director buying – £197k in 1 buy · closed Bodycote – company page →