SNR Senior Plc

RNS Number:1499C
Senior PLC
28 April 2006


28 April 2006

Senior plc

ANNUAL GENERAL MEETING - CHAIRMAN'S STATEMENT

At today's Annual General Meeting of Senior plc, the Chairman, Mr James
Kerr-Muir, said:

"Senior delivered a strong performance in 2005. Compared to the prior year,
like-for-like sales increased by 10%, operating profits from continuing
operations increased by 18% and adjusted earnings per share were up by 12%. The
improved performance was spread across the Group's three operating sectors -
aerospace, automotive and industrial.

In the Aerospace Division demand continues to increase, with the market for
large civil aircraft strengthening and the Group's end customers consequently
increasing build rates for both aircraft and engines. There are some constraints
with rising prices and lengthening lead times for raw materials, but overall the
market continues to move ahead. Sterling Machine, the North American aerospace
company acquired by Senior in January 2006, has made a good start. It is
expected to be earnings enhancing in its first year despite the recent, and now
ended, six week strike at its largest customer Sikorsky.

Demand in the newly reported Flexonics Division, formerly the Automotive and
Industrial Divisions, is healthy. Whilst automotive volumes are relatively flat,
preparations gather pace for the start of production at the end of this year of
the new high pressure common rail diesel engine products developed for the North
American heavy duty market. As a result, the Group's capital expenditure rose in
2005 and is expected to do so again in 2006. This market continues to provide a
steady stream of good enquiries, now principally for production in 2009 and
beyond. Elsewhere, the industrial businesses continue to improve their
performance, with the difficult Wembley contract coming towards an end and the
buoyant oil and gas market fuelling strong demand in Canada and the USA.

Group debt is expected to be higher at the end of 2006 than at the end of 2005.
This is due to the increased level of capital expenditure and the acquisition of
Sterling Machine, which was funded through a combination of debt and a placing
of ordinary shares.

Overall, the Group is well placed for future growth with trading for the first
three months of 2006 in line with the Board's expectations."

For further information please contact:
Senior plc
Graham Menzies, Group Chief Executive                      01923 714702
Mark Rollins, Group Finance Director                       01923 714738

Finsbury Group
Adrian Howard                                              020 7251 3801

This announcement, together with other information on Senior plc may be found
at: www.seniorplc.com

Note to Editors:

Senior is an international manufacturing group with operations in 11 countries.
Senior designs, manufactures and markets high technology components and systems
for the principal original equipment producers in the worldwide aerospace,
automotive and specialised industrial markets.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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