Senior on track despite defence market woes

Aerospace technology manufacturer Senior said it was on track to hit 2012 profit expectations despite a deterioration in some markets.

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.

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."

Recommended

How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.7%, but can you trust it to deliver?
Share tips

Persimmon yields 12.7%, but can you trust it to deliver?

With a dividend yield of 12.7%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate a com…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022

Most Popular

Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022