UPDATE 2-Bodycote to miss forecasts if demand stays weak

* H1 underlying revenue down 31 pct

* Sees small H1 underlying operating loss

* To miss full-year earnings forecast if demand stays weak

(Adds more detail, background)

LONDON, July 10 (Reuters) - British engineer Bodycote (BOY.L) expects 2009 earnings to miss analysts' consensus forecast if demand in its main car, aerospace and oil and gas markets remains at current depressed levels, it said on Friday.

The group, whose activities include heat-treating jet engine turbine blades and other parts for plane and car makers, said revenue from continuing operations dropped 31 percent at constant currencies in the six months to June 30 and forecast a small first-half operating loss before one-off items.

"As a consequence of our short order book and continuing uncertainty in market conditions, visibility is very limited, but if demand remains at its current depressed levels, the board would anticipate the outcome for 2009 being materially below recent market EBIT (earnings before interest and tax) consensus (forecast)," it said in a trading update.

Analysts' latest consensus forecast was 24 million pounds ($38.6 million), it added.

Bodycote, which said in February it was cutting about 1,500 jobs and closing or combining 31 sites to save 18 million pounds a year, said cost savings would help as the year progresses.