Senior PLC Trading Statement (8444V)
April 21 2016 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 8444V
Senior PLC
21 April 2016
Trading Update
Ahead of its Annual General Meeting on Friday 22 April, Senior
plc ("Senior" or "the Group"), an international manufacturer of
high technology components and systems, principally for the
worldwide aerospace, defence, land vehicle and energy markets,
issues this trading update for the period since 1 January 2016 (the
"Period").
Markets & Divisions
The Group's activity in the Aerospace Division increased as
anticipated, resulting from additional content on new aircraft,
including the first 5 deliveries of A320neo and ramp up of A350
aircraft by Airbus. Additionally, Boeing successfully completed the
first flight of the 737 MAX in January.
In the Flexonics Division, as expected, activity continued to
reflect the challenging market conditions in truck and off-highway
and industrial markets. Accordingly, the Division is continuing to
focus on cost management and efficiency initiatives.
Net debt increased to GBP217.2m at the end of March 2016. This
was due to the normal seasonal increase in working capital,
continued planned investment in capital expenditure in support of
organic growth, and adverse currency impacts.
Outlook
Consistent with the position set out in the announcement of 29
February 2016, revenue in the Aerospace Division is expected to
grow in 2016 with a stronger profit in the second half, driven by
increasing revenues and operational improvements which are underway
across the Division. The challenging market conditions in some of
the Flexonics end markets mean that the outlook for Flexonics
remains uncertain. At current exchange rates, the Board's
expectation for 2016 adjusted profit before tax(1) remains
unchanged.
Looking further ahead, the Group remains well positioned for the
future as new Aerospace and Flexonics programmes and products enter
production and as Senior increasingly benefits from its strong
customer relationships and global footprint. Staying focused on
customer alignment, operational excellence and investing in
organisational capability and leadership talent will enable Senior
to continue to grow organically over the longer-term. Furthermore,
Senior's cash-generative nature and robust financial position
provide a solid platform from which the Group can continue to
pursue growth opportunities to complement its existing
portfolio.
The results for the six-month period to 30 June 2016 will be
announced on Monday 1 August 2016.
Conference Call
There will be a call for investors and analysts at 8.30am GMT
today. The dial-in details are as follows:
International access number: +44 (0)20 3003 2666
UK toll free number: 0808 109 0700
Password: Senior
Notes
(1) Adjusted profit before tax is before loss/profit on sale of
fixed assets, acquisition related costs and amortisation of
intangible assets arising on acquisitions.
Further information
Group Finance Director, +44 (0) 1923
Derek Harding Senior plc 714 722
Head of Investor Relations
& Leadership Development, +44 (0) 1923
Bindi Foyle Senior plc 714 725
+44 (0) 20 7251
Philip Walters Finsbury 3801
About Senior
Senior is an international manufacturing group with operations
in 14 countries. It is listed on the main market of the London
Stock Exchange (symbol SNR). Senior designs, manufactures and
markets high technology components and systems for the principal
original equipment producers in the worldwide aerospace, defence,
land vehicle and energy markets. Further information on Senior plc
may be found at: www.seniorplc.com
Cautionary Statement
This announcement contains certain forward-looking statements.
Such statements are made by the Directors in good faith, based on
the information available to them at the time of the announcement,
and they should be treated with caution due to the inherent
uncertainties underlying any such forward-looking information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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