Positive trading maintained at Senior

Aerospace engineer Senior said positive trading reported in October has continued, with adjusted pre-tax profit in line with expectations in both October and November.

Aerospace engineer Senior said positive trading reported in October has continued, with adjusted pre-tax profit in line with expectations in both October and November.

In its aerospace division, which accounts for 64% of first half group sales, it said visibility for build rates on existing aircraft programmes remains good and underlying market demand has consequently been largely as expected.

Senior added that the market for large commercial aircraft remains strong, with Boeing and Airbus increasing their aircraft build-rates broadly as planned whilst continuing to report combined orders in excess of deliveries.

However volumes on a number of the group's military programmes have started to decline as government budgetary restraints come into effect.

Its flexonics division, which makes up 36% of group sales, has seen largely unchanged conditions from those reported in October.

The division continues to benefit from healthy shipments of large expansion joints in the industrial sector but being impacted by weakness in the European passenger vehicle market, it said.

Senior said demand in the North American truck market has remained satisfactory, but at lower levels than earlier in the year.

It added that the integration of GA is proceeding as planned.

"With market conditions largely as anticipated, the board continues to expect 2012 adjusted profit before tax to be in line with its previous expectations and, assuming no further deterioration in market conditions, to make further progress in 2013 and beyond," Senior said in a company update.

Net debt stood at £87m at the end of November compared to around £93m at the start of the year. Cash generation remains strong, it said.

CJ

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022