Senior PLC Interim Management Statement (1744D)
April 25 2013 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 1744D
Senior PLC
25 April 2013
Senior plc
Interim Management Statement
Ahead of its Annual General Meeting on Friday 26 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 its Interim Management Statement for the period since 1
January 2013 (the "period").
Trading and Financial Position
Trading was positive in both the Aerospace and Flexonics
Divisions during the period with the Group's adjusted profit before
tax(1) , partially assisted by beneficial currency movements,
marginally ahead of the Board's expectations for the first three
months of the year. Net debt, adversely impacted by currency
movements and the expected effect of increased activity, increased
to GBP93m at the end of March.
Markets and Operations
In the Aerospace Division (66% of 2012 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 281 aircraft in the first three months of
2013, ahead of the 268 aircraft delivered in the same period of
2012, despite Boeing delivering only one B787 aircraft in the
period due to its temporary grounding. Given the importance to
Senior of this aircraft, we are encouraged by the industry's
expectation that deliveries of the B787 will shortly recommence.
The combined net order in-take for Boeing and Airbus in the first
quarter was once again well ahead of deliveries, with their
combined order book at the end of March, of 9,393 aircraft, some
11% higher than the 8,441 backlog a year ago. 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, declined broadly in line with expectations
whilst overall volumes in the regional and business jet markets
were relatively stable.
The Flexonics Division (34% of 2012 Group sales) performed well
in the period. In land vehicle markets, healthy volumes of Senior's
products for North American heavy trucks and improved manufacturing
efficiencies offset the effect of a continued softening in demand
for passenger vehicles in Europe, which particularly affected the
Division's French operation. Overall, the Group's principal
industrial operations performed broadly as anticipated in the first
quarter, with sales of large expansion joints and fuel cell
products ahead of expectation but our business in Brazil impacted
by delays in order-placement.
The two businesses acquired over the past six months, GA
Precision in November 2012 and Atlas Composites in February 2013,
have been successfully integrated into the Group and both made
solid contributions in the period.
The Board
As previously announced, after five years as the Group's Finance
Director, Simon Nicholls is to leave Senior on 30 April to take up
a similar position at Cobham. During his time with the Group,
Senior has made significant progress and the Board would like to
extend its thanks to Simon for his strong contribution to the
Group's success and to wish him well for the future. As announced
on 27 March, Derek Harding will join as the Group's new Finance
Director on 2 September.
Outlook
Senior has started the year marginally ahead of expectations and
the outlook for Senior's markets remains broadly consistent with
the overall positive view described in its 25 February preliminary
results announcement. Consequently, having taken into consideration
the continuing macro-economic uncertainty in a number of the
Group's operating countries and the potential for future volatility
in the Group's land vehicle markets and exchange rates, the Board's
expectation for 2013 full year adjusted profit before tax(1)
remains unchanged.
Other
The results for the six-month period to 30 June 2013 will be
announced on Monday 29 July 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
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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