The Classical Heat Treatment business contributed 77% of our total revenue and around 60% of headline operating profit in the first six months of the year. Overall Classical Heat Treatment revenue growth was 8%, supported by growth across all of our key market sectors.
Specialist Technologies contributed 23% of revenue and around 40% of headline operating profit in the first six months of the year. Specialist Technologies delivered 11% revenue growth, in line with our growth aspirations for this group of early stage technologies. Low pressure carburising (LPC) and Speciality Stainless Steel Processes (S3P), which are largely focused on automotive and general industrial markets, delivered strong growth as we rolled out additional capacity to meet customer demand and invested in expertise to continue marketing these highly differentiated processes. HIP2 Product Fabrication (HIP PF) and Surface Technology, which have both been impacted by the significant decline in oil & gas revenues in recent years, returned to growth as subsea revenue showed early signs of recovery. HIP Services growth was held back by the previously indicated decline in the large frame industrial gas turbine market.
- A review of the Company’s Operating Segments is contained in the Business review section.
- HIP is Hot Isostatic Pressing.