21st Oct 2013 07:30
LONDON (Alliance News) - Senior PLC said Monday that it anticipates full-year pretax profits to be in line with expectations, as the commercial aerospace sector continues to grow at a healthy rate and land-vehicle markets are anticipated to recover.
Senior manufactures products for the aerospace, defence, land-vehicle and energy markets.
The company said that, in the period since July 1, its adjusted pretax profit had been in line with expectations. In its Aerospace Division, revenue remained healthy, Senior said, with Airbus and Boeing delivering 921 aircraft in the first nine months. However the company cautioned that the price pressure it had reported in its half year results remained and is being managed.
Overall market conditions in the aerospace division remained relatively weak, as government spending and political indecision continued to impact its military and defence volumes, particularly in North America.
In Senior's Flexonics division, it had seen benefits from non-European industrial sales. Despite this, the company said it was harmed by weaker demand in the North American heavy-duty diesel engine market, as a recovery in that market failed to materialise. Continued weak demand for passenger vehicles persisted in Europe and India, Senior said.
"Given the financial performance of the first nine months of the year and the current levels of activity, the Board expects 2013 adjusted profit before tax to be in line with its previous expectations, assuming no further deterioration in exchange rates," Senior said. It said it will release its full-year results on March 3, 2014.
Shares in Senior were trading up 3.60 pence at 279.40p Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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