'Engineering may take years to recover,' says Bodycote

Engineering firm Bodycote's profit fell as the recession hit its businesses, and today said full recovery in demand may take several years.

The company, which heat treats jet engine turbine blades and parts for aeroplane and car manufacturers, maintained its dividend of 5.35p a share.

Pre-tax profit was £3.7 million for the year to 31 December, compared with last year's £67.6 million. Revenue fell 21.1 per cent to £435.4 million.

"While the worst seems to be over, there is little sign yet of any meaningful improvement in trading conditions," the company said, although it reported that many of its automotive and general industrial markets had started to recover.

Bodycote shares have gained 12 per cent in the last six months, underperforming a 25 per cent rise in the British engineering sector.