Record aircraft orders help Senior's profits to soar

The company, which makes engine structures and mountings for both civil and military aeroplanes, said that it had a net order book of 811 aircraft in the first half of the year, a significant increase on the 268 it recorded last year and the highest ever for a six-month period, according to Mark Rollins, chief executive.

Escalating oil prices have forced airlines to renew fleets with more fuel-efficient planes. Aircraft manufacturers Boeing and Airbus, two of Senior's largest customers, have both increased production rates in recent months.

Senior has been particularly boosted by the record order from American Airlines for 460 aircraft in July, the largest ever order by an airline.

Mr Rollins said the new aircraft were between 40pc to 45pc more fuel efficient than the existing fleet, and global population growth would continue to encourage airlines to order more planes.

Senior was also boosted by acquisition of Damar Machine Company in March for £15.3m and analysts said they expected more acquisitions later this year.

The company insisted that it was performing well across all of its divisions. Its Flexonics division, which supplies truck and lorry makers, saw a 9pc increase in sales as American manufacturers, after slashing production during the recession, increased production, making up for falls in European passenger vehicle sales.

Half-year pre-tax profits for the period ending June 30 jumped by 18pc to £35.6m, on turnover up 10pc to £315m.

The company said the increased profitability was helped by undertaking a greater proportion of high-spec, IT work, which carried greater profit margins.

The company will pay out a 1.15p interim dividend, up 15pc, the company said.

The shares, which have climbed 34pc over the past year, dipped by 0.2p to 186p.