Senior reports rise in both revenue and profits

published 27 February 2012

Engineering firm Senior has reported a rise in both revenues and pre-tax profit for the year ended December 31st.

The firm saw a 40% leap in profit before tax from £52.1m to £72.7m, on revenues which rose 13% from £566.9m to $640.7m.

Martin Clark, Chairman of Senior, said: "Trading has been in line with expectations since the start of 2012 and this, combined with the healthy long-term prospects for the group, gives the board the confidence to recommend a 22% increase in the full year dividend for 2011, in line with the increase in adjusted earnings per share. Sales to the commercial aircraft and heavy-duty land vehicle markets seeing the strongest growth.

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The board has recommended a final dividend payment of 2.65p per share, bringing the full year total to 3.8p.

However, Clark warned that "global uncertainties remain", notably in the European financial sector, "which might possibly lead to reduced demand for some of the group's products or result in sudden swings in exchange rates, with the US dollar to the pound sterling rate being particularly important to Senior.

Nevertheless, against this backdrop, Senior's future prospects remain healthy," he said.

Cash at the end of the period fell 5% from £58.8m to £55.6m.

The share price fell 4.08% to 192.8p by 09:35.