Revenue declined 1.3% to
Pretax profit rose by 8.5% to
The firm will pay an interim dividend of
It said that while the group performed well in the first half, the impact of currency movements impacted its organic growth and margin improvement. It said that as it has limited forward visibility, it expects further progress this year on a constant currency basis.
The company said market changes in the oil & gas sector were moving in its favour, in particular as regards its HIP PF technology. It also said that a combination of original equipment manufacturer supply chain structural changes, inventory adjustments, and lower defence spending was holding back growth in the aerospace sector.
In automotive, the company said it was performing well and was winning more business in providing thermal processing services for a number of customers, focusing on car and light truck production.
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