2nd Aug 2021 08:28
(Alliance News) - Senior PLC on Monday said it is expects to exceed expectations for the full-year following a "resilient"
performance in a first half that brought "clear signs" of recovery.
Shares in Senior were up 6.5% to 172.50 pence each in London on Monday morning.
Hertfordshire, England-based Senior makes components for aerospace, defence and energy clients.
Pretax profit for the six months ended June 30 was GBP22.3 million, swinging year-on-year from a loss of GBP136.3 million.
The firm posted revenue of GBP332.8 million, a fall of 19% from GBP409 million.
Senior's restructuring programme is expected to achieve cumulative annualised savings of around GBP50 million for the full year 2021, up 39% from GBP36 million in 2020. Savings of GBP25 million have already been delivered in the first half of 2021, it said, more than doubled year-on-year from GBP11 million.
Senior has decided against declaring an interim dividend, unchanged from a year ago, as performance is still being hurt by the pandemic despite "clear signs" of recovery.
"Despite the well-publicised headwinds associated with freight and commodity costs; semiconductor supply chain challenges for our land vehicle customers; as well as the divestment of our Senior Aerospace Connecticut business, we expect overall group performance for 2021 to be slightly ahead of our previous expectations," the firm said.
Senior added "our differentiated offering in fluid conveyance and thermal management products; our investment in low carbon and advanced manufacturing technology; our global footprint; our strong track record and commitment to the highest ESG standards; and our positioning in attractive and diverse end markets, means that the board is confident we will make good progress as the recovery continues."
By Amrit Sahota; [email protected]
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