26 April 2024
Senior plc: Q1 2024 Trading
Update
Trading in line, full year outlook
in line with Board's expectations
Ahead of its Annual General Meeting
on Friday 26 April 2024, Senior plc ("Senior" or "the Group"), an
international manufacturer of high technology components and
systems, principally for the worldwide aerospace & defence,
land vehicle and power & energy markets, today issues this
Trading Update for the three months ended March 2024 (the
"Period").
Key
points
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●
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Trading in the Period in line with
expectations
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|
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Strong growth in commercial
aerospace
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Outlook for the year remains
unchanged; Board anticipates good growth for the Group in 2024 in
line with its expectations
|
Trading Update
Overall, trading in the Period has
been in line with expectations with Group revenue growing 7%
year-on-year on a constant currency basis. Aerospace revenue
grew by 12% year-on-year driven by growth in commercial
aerospace. In Flexonics we had good growth in downstream oil
& gas and nuclear with land vehicle sales remaining resilient.
As stated in our Full Year results in March, we were
anticipating a rebalancing of inventory by our upstream oil &
gas customers in 2024. Overall, this has led to Flexonics
revenue reducing 2% year-on-year.
Outlook
Overall, the Board anticipates good
growth for the Group in 2024 in line with its
expectations.
The Group's diversified position
across key civil and defence aircraft platforms and increasing
aircraft build rates is expected to drive good growth in Aerospace
Division revenue through 2024. Regarding the
737 MAX, we have agreed sensible schedules with Boeing and other
customers that take into account ongoing production demand, and
current customer inventory levels. We have mitigated the
impact of lower 737 MAX production with growth in other
business.
For the full year we still expect to
maintain good performance in Flexonics. Robust demand in our
downstream oil & gas business is helping to offset the ongoing
rebalancing of inventory by our upstream oil & gas customers
and the normalisation to more typical levels of land vehicle market
demand.
Further information
|
Bindi Foyle
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Group Finance Director, Senior
plc
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+44 (0) 1923 714 725
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|
Tom Bindloss
|
Head of Treasury / Interim IR,
Senior plc
|
+44 (0) 1923 714 743
|
|
Richard Webster-Smith
|
FGS Global
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+44 (0) 7796 708 551
|
About Senior
Senior is a FTSE 250 international
engineering and manufacturing Group with operations in 12
countries. It is listed on the main market of the London
Stock Exchange (symbol SNR). Senior's Purpose is "we help
engineer the transition to a sustainable world for the benefit of
all our stakeholders". Senior designs and manufactures high
technology components and systems for the principal original
equipment producers in the worldwide aerospace & defence, land
vehicle and power & energy markets. Further information
on Senior plc may be found at: www.seniorplc.com
Cautionary Statement
This Trading Update 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 their approval of this Trading Update and they
should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any
such forward-looking information.