Interim Management Statement (0864C)
April 26 2012 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 0864C
Senior PLC
26 April 2012
Senior plc
Interim Management Statement
Ahead of its Annual General Meeting on Friday 27 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 Interim Management Statement for the period since 1
January 2012 (the "period").
Trading and Financial Position
As anticipated, overall trading conditions remained positive in
both the Aerospace and Flexonics Divisions during the period, with
the Group's adjusted profit before tax(1) slightly ahead of the
Board's expectations for the first three months of 2012. Net debt
at the end of March was at a similar level to that at the start of
the year.
Markets and Operations
In the Aerospace Division (60% of 2011 Group sales), production
of large commercial aircraft, the Group's most important market,
increased at the anticipated healthy rate. Boeing and Airbus
delivered a combined 268 aircraft in the first three months of
2012, up 20% on the 223 aircraft delivered in the same period of
2011. The combined net order in-take for Boeing and Airbus was well
ahead of deliveries in the first quarter, with Boeing booking
orders for over 300 of their newly launched 737-MAX. Consequently,
their combined order book at the end of March, of 8,441 aircraft,
now represents an eight year order book at current build rates,
which bodes well for the future. Elsewhere in the Aerospace
Division, build rates for the Group's main defence programmes, such
as the Black Hawk helicopter and C-130J military transport
aircraft, remained healthy whilst volumes in the regional and
business jet markets were largely as anticipated, with Embraer
delivering more regional jets than Bombardier. The two Weston
businesses, acquired at the end of November 2011, have been
successfully integrated into the Group and made a solid
contribution in the first quarter.
The Flexonics Division (40% of 2011 Group sales) performed well
in the period. In land vehicle markets, increased volumes of
products for North American heavy trucks and improved manufacturing
efficiencies more than offset the effect of a continued softening
in demand for non-premium passenger vehicles in Europe and Brazil.
The Group's principal industrial operations performed broadly as
anticipated in the first quarter with the solid order book of the
Group's key expansion joint business in Texas helping to underpin
the anticipated performance of the Division for the remainder of
2012.
The Board
As previously announced, after eleven years on the Board of
Senior and five years as its Chairman, Martin Clark is to retire
from the Board at the conclusion of tomorrow's Annual General
Meeting, with Charles Berry assuming the Chairman role thereafter.
During his tenure as Chairman, Senior has made significant progress
and the Board would like to extend its thanks to Martin for his
strong leadership and dedicated service on behalf of Senior over
the years and to wish him well for the future.
Outlook
Senior has started the year strongly, slightly ahead of
expectations, and the outlook for Senior's markets remains
consistent with the overall positive view described in its 27
February preliminary results announcement. Mindful of the
continuing macro-economic uncertainty and the potential for future
volatility in the Group's land vehicle markets, the Board's
expectation for 2012 full year adjusted profit before tax(1)
remains unchanged.
Other
The results for the six-month period to 30 June 2012 will be
announced on Monday 23 July 2012, slightly earlier than
historically.
Note:
1. Adjusted profit before tax is before loss/profit on sale
of fixed assets, acquisition costs and amortisation of
intangible assets arising on acquisitions.
Further information
Group Chief Executive, Senior
Mark Rollins plc +44 (0) 1923 714 738
Group Finance Director,
Simon Nicholls Senior plc +44 (0) 1923 714 722
Philip Walters Finsbury Group +44 (0) 20 7251 3801
About Senior
Senior is an international manufacturing group with operations
in 12 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
IMSPGUWCCUPPGQA
Senior (LSE:SNR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Senior (LSE:SNR)
Historical Stock Chart
From Jul 2023 to Jul 2024