27th Jun 2006 07:00
Senior PLC27 June 2006 Senior plc Pre Close Period Statement Senior plc, a manufacturer of high technology engineered components and systems,principally for the aerospace, diesel-engine and energy markets, issues thefollowing trading update for the six-month period to 30 June 2006. In the Aerospace Division, which primarily services the aircraft and jet-engineoriginal equipment assemblers, demand has continued to be strong with theGroup's customers increasing their build rates as a result of high order booksand good market prospects. Production schedules are generally full for theremainder of the year across the Division with the aerospace market continuingto move ahead despite the potential constraints of rising raw material pricesand lengthening lead times. The recent announcement, by Airbus, of a delay indeliveries of its new large A380 aircraft is expected to have only a minorimpact on the performance of the Division. Sterling Machine, the North Americanaerospace business acquired by the Group in January 2006, is now performing inline with expectations following the end of the six-week strike at its majorcustomer, Sikorsky. Sterling Machine's factory is being extended to increasecapacity. The acquisition is expected to be earnings enhancing in 2006. In the Flexonics Division, which primarily services the energy, diesel-engineand exhaust system original equipment manufacturers, demand has beenparticularly strong in the energy sector with order intake well ahead of lastyear. Demand in the automotive sector has been generally flat although still ata healthy level. Good progress has been made over the past six months in NorthAmerica in installing and commissioning the plant and equipment required toproduce the Group's new diesel-engine related products. Sales are expected tostart on schedule in the final quarter of this year with the related capitalexpenditure anticipated to be at the planned level. Elsewhere in the Division,the Wembley contract is coming to an end, albeit slightly later than expected. As anticipated, Group debt at the end of June will be higher than at the end of2005 as a result of the diesel-engine capital expenditure and the acquisition ofSterling Machine. Overall, the Group is trading in line with the Board's expectations and is wellplaced for future growth. The 2006 interim results are scheduled to be announced on Thursday 3 August2006. For further information please contact: Senior plcGraham Menzies, Group Chief Executive 01923 714702Mark Rollins, Group Finance Director 01923 714738 Finsbury GroupJames Murgatroyd 020 7251 3801 This announcement, together with other information on Senior plc may be foundat: www.seniorplc.com Note to Editors: Senior is an international manufacturing group with operations in 11 countries.Senior designs, manufactures and markets high technology engineered componentsand systems, principally for the aerospace, diesel-engine and energy markets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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