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

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