24th Apr 2014 10:41
LONDON (Alliance News) - High technology components and systems company Senior PLC Thursday maintained its pretax profit expectations for 2014 in a statement ahead of its annual general meeting Friday.
Senior said that demand in its markets had remained consistent with those seen at the time of its full-year results. Adverse currency translations had hit revenue and operating profit by around 6% as it had expected.
As a result, adjusted pretax profit for the quarter to end-March had been in line with expectations, it said.
In its Aerospace Division, which represents 65% of its total sales, activity in the large commercial aircraft market remained healthy. Clients the Boeing Co and Airbus SAS delivered 302 aircraft in the quarter, up from 281 in the previous year.
Build rates for Senior's defence programmes, the Black Hawk helicopter and C-13OJ military transport aircraft, stabilised in line with expectations, Senior said.
In its Flexonics Division, land vehicle markets generally improved, Senior said, as North American truck orders were ahead of the previous year and European passenger vehicle deliveries began to recover.
Demand in Brazil and India remained weak, Senior said.
In its industrial markets, delays in the shipment of projects in Brazil and North America hit results, and are now expected in the second quarter.
Shares in Senior were trading down 0.4% at 297.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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