21st Oct 2013 06:13
LONDON (Alliance News) - Senior plc (SNR.L), a manufacturer of high technology components and systems, issued its interim management statement for the period since July 1, 2013. The Group said its adjusted pre-tax profit for the period was in line with the board's view.
Senior operates through two units such as Aerospace (64% of H1 2013 Group sales) and Flexonics (36% of H1 2013 Group sales). The large commercial aircraft market, Aerospace Division, accounting for just over half of the Aerospace Division's revenue, remained healthy, with Airbus and Boeing delivering a combined 921 aircraft in the first nine months of 2013. The Flexonics unit benefited from an advantageous mix of non-European industrial sales in the period.
Assuming no further deterioration in exchange rates, the board projects 2013 adjusted pre-tax profit to be in line with its prior expectations. With the commercial aerospace sector continuing to grow at a healthy rate and land vehicle markets anticipated by industry commentators to begin to recover in the coming months, the board hopes that the Group is well positioned to make further progress in 2014 and beyond.
Cash generation remained healthy, with net debt at the end of September, of 61 million pounds, being 10 million pounds lower than at the beginning of the year.
Copyright RTT News/dpa-AFX
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