Final Results -13-
February 27 2012 - 2:01AM
UK Regulatory
and onerous. A serious Secretary and the Head of Internal Audit
breach of these rules collectively retain principal responsibility
and regulations could for maintaining and reporting on governance
have a significant impact changes that may have an impact on the Group.
on the Group's reputation, To ensure that all Directors and managers
lead to a loss of confidence are kept up to date on the latest governance
on the part of investors, requirements, periodic governance updates
customers or other stakeholders are provided to the Board and Executive Committee
and ultimately have a at appropriate intervals, and to key operational
material adverse impact management. Recent examples of developments
on the Group's enterprise in this area include formulation of a Business
value. Continuity Framework, IT Policy Guidelines,
and anti-bribery training.
----------------------------------------------------------
Resources
Employees
The key resource of the Group is its employees, who have
extensive knowledge of the Group's key markets, customers, product
technology and manufacturing processes. The average number of
employees employed in the Group during 2011 was 5,374 (2010 -
4,872). Of these 4,523 were in production-related roles, 55 in
distribution, 323 in sales and 473 in administration. Senior is an
international group operating in 12 countries. At the end of 2011,
the Group employed a total of 5,878 people, with 49% located in
North America, 20% in the UK, 17% in the rest of Europe and 14% in
the Rest of the World.
Engineering capability and manufacturing technology
A key strength of the Group is its engineering capability and
manufacturing technology. The Group possesses significant product
design and manufacturing engineering capabilities, which are
essential to support the development of precision components for
customers and improve production processes to help maximise
production efficiency and product quality. This in turn maintains
and enhances the Group's reputation for delivering quality
added-value products to its customers on time and at a competitive
price. During 2011, the Group spent GBP22.1m (2010 - GBP14.2m) on
capital expenditure to strengthen the Group's manufacturing
capability, as well as its production capacity. This expenditure
was 1.2x the depreciation level (2010 - 0.7x).
Financial
The Group funds its activities through a mixture of equity and
debt financing. It obtains its equity financing from a wide range
of non-related institutional investors who trade the Company's
shares on the London Stock Exchange. The largest holder has an
interest in approximately 14% of the shares of the Company. As at
31 December 2011, the Company's share price was 171p, giving it a
market capitalisation of GBP687.8m.
In respect of debt financing, at the end of 2011 the Group had
committed borrowing facilities totalling GBP187.0m, of which
GBP119.4m was being utilised in addition to GBP2.9m of borrowings
from uncommitted facilities and finance leases. The Group held
GBP29.3m in cash and hence net debt was GBP93.0m. The committed
facilities at this time consisted of US$35m (GBP22.6m) of loan
notes due in 2014, US$25m (GBP16.1m) of loan notes due in 2015,
US$30m (GBP19.4m) of loan notes due in 2017, US$75m (GBP48.4m) of
loan notes due in 2018, US$20m (GBP12.9m) of loan notes due in
2020, a GBP60.0m multi-currency revolving credit facility maturing
in 2016 and a US$12m (GBP7.6m) bilateral facility maturing in
2014.
Corporate Social Responsibility
The policy of the Board is to seek to enhance shareholder value
in an ethical and socially responsible manner, taking into account
the wishes of all stakeholders, and with a particular focus on
health and safety and preserving the environment. Two of the
Group's six KPIs, namely reductions in carbon dioxide emissions and
lost time injuries, are targeted at this area. Details of the
Group's corporate and social responsibility principles and
performance indices are set out in the Corporate Social
Responsibility Report in the Annual Report & Accounts 2011.
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
1. the Financial Statements, prepared in accordance with IFRS as
adopted by the European Union, give a true and fair view of the
assets, liabilities, financial position and profit or loss of
the Company and the undertakings included in the consolidation
taken as a whole; and
2. the Operating and Financial Review, which is incorporated into
the Directors' Report, includes a fair review of the development
and performance of the business and the position of the Company
and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and
uncertainties that they face.
By Order of the Board
Mark Rollins Simon Nicholls
Group Chief Executive Group Finance Director
24 February 2012 24 February 2012
Consolidated Income Statement
For the year ended 31 December 2011
Year ended Year ended
2011 2010
Notes GBPm GBPm
Continuing operations
Revenue 3 640.7 566.9
=========== ===========
Trading profit 83.3 62.0
(Loss) / profit on sale of fixed
assets (0.3) 0.2
Operating profit (1) 3 83.0 62.2
Investment income 0.3 0.5
Finance costs (10.6) (10.6)
----------- -----------
Profit before tax (2) 72.7 52.1
Tax 5 (17.7) (11.7)
----------- -----------
Profit for the period 55.0 40.4
=========== ===========
Attributable to:
Equity holders of the parent 55.0 40.4
=========== ===========
Earnings per share
Basic (3) 7 13.68p 10.11p
=========== ===========
Diluted 7 13.21p 9.77p
=========== ===========
(1) Adjusted operating profit 4 88.3 75.4
(2) Adjusted profit before tax 4 78.0 65.3
(3) Adjusted earnings per share 7 14.55p 12.01p
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2011
Year ended Year ended
2011 2010
GBPm GBPm
Profit for the period 55.0 40.4
----------- -----------
Other comprehensive income:
(Losses) / gains on cash flow hedges during
the period (2.3) 0.8
Reclassification adjustments for losses / (gains)
included in profit or loss 0.2 (1.2)
----------- -----------
Losses on cash flow hedges (2.1) (0.4)
Gains on revaluation of financial instruments 0.1 -
Exchange differences on translation of foreign
operations (1.4) 4.0
Actuarial (losses) / gains on defined benefit
pension schemes (1.8) 0.4
----------- -----------
Other comprehensive (expense) / income (5.2) 4.0
Tax relating to components of other comprehensive
income 8.8 2.7
----------- -----------
Other comprehensive income for the period, net
of tax 3.6 6.7
----------- -----------
Total comprehensive income for the period 58.6 47.1
=========== ===========
Attributable to:
Equity holders of the parent 58.6 47.1
=========== ===========
Consolidated Balance Sheet
Senior (LSE:SNR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Senior (LSE:SNR)
Historical Stock Chart
From Jul 2023 to Jul 2024
