The macro-economic environment in the first half of 2015 was challenging, including a significant downturn in the global oil & gas markets, which sharply reduced demand from this sector in the second quarter. This has had a knock-on effect in a number of the general industrial sectors, in particular the agricultural equipment market, and added to the challenge. However, this environment has provided an opportunity to demonstrate Bodycote's resilience.

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Financial highlights

Half Year to
30 June 2015
Revenue £299.8m
Headline operating profit £54.1m
Headline operating cash flow £40.2m
Basic headline earnings per share 21.1p
Interim dividend per share 4.8p

Business ReviewAerospace, Defence & Energy (ADE)

Revenues for the ADE business were £128.8m in the six months to June 2015 compared with £133.5m in 2014, a decrease of 3.5%.

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Business ReviewAutomotive & General Industrial (AGI)

Revenues for the AGI business were £171.0m in the first half of 2015, compared with £178.8m in 2014, a decrease of 4.4%.

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Summary and outlook

The Group's performance was resilient in the first half, with business improvements mitigating the sharp cutback in oil & gas activities.

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