The macro-economic environment for Bodycote in the first half of 2016 showed little change from 2015. Notwithstanding this weak macro-economic backdrop, the quality of the Bodycote business continued to improve. The Group's headline operating margin1 reduced only 110 basis points to 16.9%, even though revenues declined 8.1% (at constant exchange rates). Group revenue was £291.0m with currency translation reducing the year-on-year revenue decline to 2.9%. Headline operating profit for the Group was £49.3m in the first half of the year.
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