Senior PLC Trading Statement (2998T)
December 12 2012 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 2998T
Senior PLC
12 December 2012
Pre-Close Period Statement
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 ahead of its financial year-end
on 31 December 2012.
Trading
The positive trading reported in the Interim Management
Statement ("IMS") on 22 October 2012 has continued, with adjusted
profit before tax(1) being in line with the Board's expectations in
both October and November. Cash generation has remained strong,
with net debt of GBP87m at the end of November being below the
GBP93m at the start of the year, despite the acquisition of GAMFG
Precision LLC ("GA") for $45m (GBP28m) in early November 2012.
Markets and Operations
In the Aerospace Division (64% of H1 2012 Group sales),
visibility for build rates on existing aircraft programmes remains
good and underlying market demand has consequently been largely as
expected. The market for large commercial aircraft remains strong,
with Boeing and Airbus increasing their aircraft build-rates
broadly as planned whilst continuing to report combined orders in
excess of deliveries. As anticipated, volumes on a number of the
Group's military programmes have started to decline as Government
budgetary restraints come into effect.
The Flexonics Division (36% of H1 2012 Group sales) has seen
largely unchanged conditions from those reported in the October
IMS, with the Division continuing to benefit from healthy shipments
of large expansion joints in the industrial sector but being
impacted by weakness in the European passenger vehicle market.
Demand in the North American truck market has remained
satisfactory, albeit at lower levels than earlier in the year. The
integration of GA is proceeding as planned with a number of
synergistic customer opportunities being worked upon.
Outlook
With market conditions largely as anticipated, the Board
continues to expect 2012 adjusted profit before tax(1) to be in
line with its previous expectations and, assuming no further
deterioration in market conditions, to make further progress in
2013 and beyond.
The Group intends to issue its 2012 full year results
announcement on Monday 25 February 2013.
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 RLM Finsbury +44 (0) 20 7251 3801
About Senior
Senior is an international manufacturing group with operations
in 13 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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