British engineering firm Bodycote said it expected to gain more market share this year on the back of strong sales in emerging markets and its aerospace and defence segment.
The company said that despite the economic slow down in Europe, it had grown at a faster pace than the underlying growth in its markets, helping it gain market share in 2011. “That (further market share gain) is what we’re looking at for 2012,” Chief Executive Stephen Harris told Reuters.
The company, whose operations include heat treating jet engine turbine blades and other parts for car and plane makers, said headline operating profit grew 64 per cent to 85.5 million pounds ($133.95 million) in 2011.
“Bodycote is proving its ability to gain market share, which combined with the structural elements of growth (in particular aerospace and oil and gas), should see further good progress in FY12,” Investec analyst Chris Dyett said in a note to clients.
Bodycote’s headline operating margin rose to 15 per cent from 10.4 per cent last year and the company was focusing on expanding this further. “We expect to move the margins into the higher-teens over time,” Finance Director David Landless said.