7th Nov 2007 07:01
Senior PLC07 November 2007 Senior plc Interim Management Statement for the nine months ended 30 September 2007 andappointment of new Group Chief Executive Interim Management Statement Senior plc, an international manufacturer of high technology components andsystems, principally for the aerospace, diesel-engine and energy markets, issuesthis interim management statement for the nine month period ended 30 September2007. Overall, trading has been healthy, especially in the aerospace and energymarkets. In addition, the North American heavy-duty diesel products have becomean increasingly valuable contributor in recent months. Consequently, the Group'sadjusted profit before tax for the nine month period ended 30 September was atthe top end of the Board's expectations. In the Aerospace Division, the wide-bodied commercial market, which accounts for43% of divisional sales, has remained strong with the combined deliveries ofBoeing and Airbus up 7% to 659 aircraft for the first nine months of 2007 (615 aircraft for the first nine months of 2006). Total net order intake for Boeing and Airbus over the same period amounted to 1,684 aircraft, well ahead of deliveries. Consequently, their combined order book increased significantly to 6,013 aircraft at the end of September 2007, up from 4,988 aircraft at the end of December 2006. Orders for the new Boeing 787, on which Seniorhas significant sales value, reached 710 aircraft by the end of the thirdquarter with Boeing scheduled to deliver the first aircraft to customers beforethe end of 2008. Airbus delivered their first A380 in October and intends tomake four deliveries a month by 2010. Elsewhere, the regional jets built byBombardier and Embraer have seen slightly increased deliveries (199 against 193aircraft), but orders were well ahead of deliveries at 313 for the nine monthperiod. The business jet market remains very healthy and the military marketis stable. In the Flexonics Division, the industrial markets in which Senior operates, suchas oil and gas, power generation and chemical processing, have been strong withone of the Group's USA subsidiaries, Senior Flexonics Pathway, being aparticular beneficiary. As anticipated at the interim stage, sales of the newheavy duty diesel-engine products have been good and production has continued tobecome more efficient. Automotive volumes have largely been as expected. With strong order books and healthy market places, the prospects for the Groupremain encouraging, despite the continued impact of the weak US dollar on reported results. The results for the year ended 31 December 2007 will be announced on Monday 3March 2008. Appointment of new Group Chief Executive Having reached his normal retirement date, Graham Menzies, Group ChiefExecutive, has announced his intention to retire from the Board in April 2008,at the Company's next Annual General Meeting. After a rigorous recruitmentprocess, involving internal and external candidates, the Board is pleased toannounce that it will appoint Mark Rollins, an executive director of the Groupfor the past seven years, to succeed Graham as Chief Executive. Mark will takeup the role in March 2008. A search is underway for a new Finance Director. Graham Menzies said: "I have decided to retire from Senior plc next year when I reach 60, after eighteventful and challenging years as its Chief Executive. I am pleased to be ableto leave the Company in robust health and with encouraging future prospects. Iwould like to thank everyone at Senior for their dedication and support over theyears and to wish the Company every success for the future. In addition, I amvery happy that Mark will follow me as Chief Executive. In the years we havebeen colleagues, his contribution to the task of recovering and developingSenior has been invaluable. He is going to continue to do a great job for all usshareholders." Martin Clark, Chairman, said: "I would like to thank Graham for his very successful leadership of Senior plcand to wish him a long and happy retirement. The Company is in a strongposition and is significantly more valuable than when he took over in 2000. I amnow looking forward to working with Mark, and the Board, in furthering thefuture development of the Group." For further information please contact: Graham Menzies, Group Chief Executive, Senior plc 01923 714702Mark Rollins, Group Finance Director, Senior plc 01923 714738 Adrian Howard, Finsbury Group 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 elevencountries. Senior designs, manufactures and markets high technology componentsand systems for the principal original equipment producers in the worldwidecivil aerospace, defence, diesel engine, exhaust system and energy markets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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