Bosses at Bodycote (BOY) have cashed in after a couple of successful years for the company best known for its heat treatment, metal joining, hot isostatic pressing and coating services. Chief executive Stephen Harris pocketed £3.2m from the sale of 441,000 shares, and the following day his colleague, finance director David Landless, followed suit by disposing of 200,000 shares for just shy of £1.5m.
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The engineer has enjoyed a purple patch since embarking on a tidying up operation in 2009. Decisions to close down underperforming plants, implement a model whereby customers are analysed individually and prices set accordingly, and focus more on specialist technologies have pushed adjusted operating margins up to 18.2 per cent.