Pre-tax profits were wiped out at a Macclesfield-headquartered company, which works across industries including commercial jets, F1, automotive and space, during its latest financial year because of the Covid-19 pandemic and a restructure project.
Listed heat treatment and thermal processing services specialist Bodycote has reported pre-tax losses of £1.5m for the 12 months to December 31, 2020, down from profits of £123.9m in 2019.
Its revenue also decreased from £719.7m to £598m over the same period.
Group chief executive Stephen Harris said: "This year has been hugely challenging for our people.
"Not only have they been confronted with the impact on their personal lives from the Covid-19 pandemic and all its consequences, but they have also had to deal with significant changes in the working environment and organisation.
"I am immensely proud of the fortitude and resilience shown by our employees as they continued to deliver first-class service to our customers under the most trying of conditions.
"As the Covid-19 pandemic hit, the need to safeguard the wellbeing of our employees drove an immediate, large scale mobilisation of resources across the group.
"I am very pleased to see how effective the measures we have taken have been and I want to acknowledge the remarkable performance of the global and many local management teams involved in this unprecedented effort.
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"As part of our strategy, we have focused in recent years on repositioning the Group to take advantage of a number of megatrends in our end markets.
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"Our expansion in Eastern Europe is targeted at supporting the Electric Vehicle supply chains that are establishing themselves in this region.
"The change in focus of our civil aerospace business addresses the structural shift within the industry towards point-to-point air travel and narrow body aircraft.
"Additionally, the repurposing of some of our North American facilities aligns our business with the diminishing importance of fossil fuels.
"The restructuring programme we have been executing in 2020 represents an acceleration of our strategy and is exactly aligned with these secular trends.
"Looking ahead, markets are recovering, though the uncertain timeline for recovery in the civil aerospace market clouds the short-term outlook for this part of the business.
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"Nonetheless, our restructuring programme is now largely complete, resulting in a higher quality business aligned to the growth opportunities we are seeing.
"The board is confident that Bodycote is well placed to drive growth and take advantage of the upturn in activity across all of its markets as they strengthen."