Bodycote has reported weak trading for the first four months of 2016, with sales down 9.1% at constant exchange rates and down 4.9% in total. However management guidance is unchanged, assuming current exchange rates are maintained. While we expect organic growth rates to improve through the year as comparatives ease, particularly in H2, we anticipate trimming our LFL sales assumption for 2016 from the 5.2% currently in our forecasts.