24th Jan 2023 08:30
(Alliance News) - Senior PLC on Tuesday said it expects annual profit to top consensus, helped by "outperformance" in its Flexonics arm.
Senior said its Aerospace division traded in line with expectations.
Shares were 9.2% higher at 148.94 pence each in London on Tuesday morning.
The components and systems manufacturer expects adjusted pretax profit to beat market consensus. Senior said its company-compiled consensus range is GBP16.2 million to GBP18.0 million. In 2021, it had made a GBP1.9 million adjusted pretax loss, narrowing from GBP6.2 million in 2020.
Senior suffered from pandemic-driven supply chain weakness at an industry level last year. The Hertfordshire-based firm's fortunes improved in 2022, however.
"Trading in the Flexonics division has been ahead of previous expectations, driven by strong customer demand in the land vehicle and power & energy markets. In particular, demand for heavy duty truck and the levels of maintenance and overhaul in power & energy have improved since the last trading update" the company said.
The Flexonics division provides thermal management for drivetrains.
In the Aerospace arm, where Senior has customers in the miliary and commercial aircraft industries, trading was "in line with expectations".
Senior expects to report annual earnings on February 27.
By Eric Cunha, Alliance News news editor
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