Senior maintains outlook amid currency pressures
By Benjamin Chiou
Date: Thursday 24 Apr 2014
- Outlook unchanged
- Currency had six per cent adverse impact
- Large commercial aircraft market healthy
Manufacturing group Senior said its outlook for the full year remains unchanged with currency movements still having an impact on results.
The company, which makes components for the aerospace, defence, land-vehicle and energy markets, said that demand in its principal markets was consistent with the outlook made at the time of the 2013 results in March.
Senior had said last month that the new financial year started "satisfactorily" and progress was expected across all operations with some early signs of an economic recovery taking place.
The group said Tuesday that the adverse movements of currency translation was "broadly as anticipated" with revenue and operating profit both seeing a 6% impact.
In the Aerospace Division, which accounted for 65% of group sales in 2013, activity in the most important market, large commercial aircraft, remained healthy.
The company said that Boeing and Airbus delivered a combined 302 aircraft in the first three months of 2014, up 7% year-on-year, and their combined net order in-take was slightly ahead of deliveries for the quarter.
Meanwhile, build rates for Senior's main defence programmes stabilised in line with expectations and overall volumes in the regional and business jet markets were stable.
In the other division, Flexonics (35% of group sales), land vehicle markets generally improved as anticipated, with North American truck orders up and European passenger-vehicle deliveries starting to recover from the record low volumes seen in 2013. However, demand in Brazil and India remained weak.
The stock was up 0.6% at 300.2p by 08:25 on Thursday.
BC
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