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Bodycote : to restructure business again, expects aerospace market to remain weak

11/26/2020 | 05:00am

(Reuters) - Bodycote Plc said on Thursday it would carry out another restructuring, similar to the one in the first half that included more than 900 job cuts, as it expects the civil aerospace market to remain weak for at least the next 18 months.

The heat treatment and thermal processing company said the restructuring will be more focused on its aerospace, defence and energy business.

The company's employee headcount was down to 4,813 as of Oct. 31 from 5,764 at the beginning of the year.

Group revenue fell 18% to 500.3 million pounds ($668.95 million) for the 10 months to Oct. 31, largely due to weakness in the civil aerospace business, Bodycote said.

Shares of the midcap index constituent were down 5.7% at 723 pence as of 0820 GMT.

(Reporting by Shanima A in Bengaluru)

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