Defence cuts hit Bodycote revenue

UK engineering firm Bodycote yesterday said revenue fell 2.2 per cent in the first quarter compared to the same period the previous year, hit by a strong pound affecting its exposure to overseas markets and cuts to defence budgets. Defence revenue fell 2.3 per cent in constant currency terms, although sales in the wider aerospace, defence and energy division rose 1.4 per cent. The company’s full-year forecasts remain unchanged.