Senior PLC Interim Management Statement (3740F)
April 24 2014 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 3740F
Senior PLC
24 April 2014
Interim Management Statement
Ahead of its Annual General Meeting on Friday 25 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 2014 (the "period").
Trading and Financial Position
During the period, demand in the Group's principal markets was
consistent with the statement made at the time of the 2013 results
announcement on 3 March 2014 and the adverse impact of currency
translation, approximately 6% on revenue and operating profit, was
also broadly as anticipated. Consequently, the Group's adjusted
profit before tax(1) was in line with the Board's expectations for
the first three months of the year.
Net debt increased to GBP79.2m at the end of March, due to a
seasonal increase in working capital and the payment of a GBP5.2m
deposit relating to the acquisition of UPECA. UPECA is a
manufacturer of precision-engineered components for the aerospace
and oil & gas markets and is located in Malaysia and China. The
acquisition of UPECA completed, as anticipated in early April, for
a total consideration, including the assumption of debt, of
GBP75.5m.
Markets and Operations
In the Aerospace Division (65% of 2013 Group sales), activity in
the Group's most important market, large commercial aircraft,
remained healthy. Boeing and Airbus delivered a combined 302
aircraft in the first three months of 2014, 7% ahead of the 281
aircraft delivered in the same period of 2013, and their combined
net order in-take was slightly ahead of deliveries for the quarter.
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, stabilised in line with
expectations and overall volumes in the regional and business jet
markets were stable.
In the Flexonics Division (35% of 2013 Group sales), land
vehicle markets generally improved as anticipated, with North
American truck orders ahead of the same period in 2013 and European
passenger-vehicle deliveries starting to recover from the record
low volumes seen in 2013. However, demand in Brazil and India
remained weak. In the Group's industrial markets, the period was
impacted by delays in the shipment of a couple of industrial
projects in Brazil and North America, which are now expected to be
delivered in the second quarter. As previously anticipated, the
large industrial expansion joint order for a North American Catofin
project was booked in the period, with shipments due to commence
towards the end of the year.
Outlook
The outlook for Senior's markets remains consistent with the
position set out in the announcement of 3 March 2014. Consequently,
other than being updated to include the results of UPECA from early
April, the Board's expectation for 2014 full year adjusted profit
before tax(1) remains unchanged.
Other
The results for the six-month period to 30 June 2014 will be
announced on Monday 4 August 2014.
Note:
1. Adjusted profit before tax is before loss/profit on sale
of fixed assets, acquisition costs, pension curtailment
charges 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,
Derek Harding Senior plc +44 (0) 1923 714 722
Philip Walters RLM Finsbury Group +44 (0) 20 7251 3801
Note to Editors
Senior is an international manufacturing Group with operations
in 14 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 IMS 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 IMS 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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