Aerospace technology manufacturer Senior said it was on track to hit 2012 profit expectations despite a deterioration in some markets.
In the period since the start of July it said cash generation remained strong, with net debt at the end of September of £68m being £25m lower than at the start of the year.
The firm said the large commercial aircraft market, Senior's most important segment, was strong and shipments of industrial expansion joints were at healthy levels.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It noted Airbus and Boeing had delivered a combined 841 aircraft in the first nine months of 2012, an increase of 16% on the same period last year.
However, the aerospace military and defence, European passenger vehicle and North American truck markets has become more challenging during the period, it said.
The company blamed governmental budgetary constraints for a fall in the level of shipments for some of the group's military and defence programmes, such as the Black Hawk helicopter.
The outlook for other programmes, such as the C130J military transport aircraft, had begun to soften, it added.
"With market conditions largely as anticipated, although increasingly challenging in some areas, the Board continues to expect 2012 adjusted profit before tax to be in line with its previous expectations," the management statement said.
"Assuming no further deterioration in market conditions, the board believes the group is positioned to make further progress in 2013 and beyond."
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
