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Senior trades in line with expectations YTD

By Iain Gilbert

Date: Monday 11 Oct 2021

(Sharecast News) - Manufacturing group Senior said on Monday that trading in the nine months ended 30 September was in line with management expectations.
In Senior's aerospace division sales were around 14% lower on a constant currency basis when including Senior Aerospace Connecticut, which was divested on 22 April, reflecting a reduction in civil aircraft production rates that was only partly offset by growth from defence, semi-conductor equipment and space markets.

In the London-listed firm's flexonics wing, sales grew around 11% year-on-year, on a constant currency basis, with growth from the recovery in heavy-duty truck and off-highway markets being partially offset by a decline in oil and gas and the closure of its flexonics business in Malaysia.

For the period, group revenues were down 7% at £496.0m than the equivalent period in the prior year, part of which was pre-Covid and also included Senior Aerospace Connecticut for the full nine months.

Looking forward, Senior said market demand was "recovering strongly" in both land vehicles and domestic aviation, and defence markets continued to remain "stable".

"This positive recovery in demand has contributed to the well-publicised supply chain constraints that both our customers and Senior are having to weather. Our operating businesses are managing these increasing headwinds diligently and, as a result, the outlook for the group for 2021 remains in line with management's previous expectations," said the firm.

As of 0835 BST, Senior shares were down 1.01% at 166.31p.

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