(Alliance News) - Senior PLC on Monday said that success in its aerospace and Flexonics divisions spearheaded a successful 2023, and it expects further growth in 2024 and beyond.
Senior is a Hertfordshire, England-based manufacturer of components for the aerospace, defence, and vehicle sectors.
The company generated GBP963.5 million in revenue in 2023, 14% ahead of the GBP848.4 million delivered in 2022.
Pretax profit was up 1.8% to GBP22.8 million from GBP22.4 million.
Earnings before interest, tax, depreciation and amortisation were GBP84.1 million in 2023, up 26% from GBP66.8 million in 2022.
Basic earnings per share rose 55% to 7.52p from 4.86p over the year.
Senior proposed a final dividend of 1.70p, ahead of 2022's final 1.00p dividend. This brings the total amount returned to shareholders over the year to 2.30p, 77% above 1.30p a year prior.
Senior hailed the momentum achieved by its aerospace division, which accounts for over half of its total business, thanks to a reduction in the supply chain challenges endured in 2022.
Aerospace revenue increased to GBP616.5 million from GBP553.6 million.
Chief Executive Officer David Squires said that the company had developed a "diversified position across key civil and defence aircraft platforms", and expects increasing aircraft build rates to lead to higher sales in 2024 and beyond.
"We can expect aerospace performance to continue to improve in 2025 as production rates increase, supply chain continues to improve, and additional contractually agreed price rises take effect," Squires added.
The Flexonics division, which supplies components for automotive and locomotive manufacturing and represents around 36% of revenue, saw an 18% increase in revenue to GBP348.0 million from GBP295.6 million.
Senior's CEO said that the normalisation of demand in the land vehicle market will also lead to improvements to its Flexonics earnings in 2024.
Shares in Senior were up 0.3% at 160.00 pence each in London on Monday morning.
By Hugh Cameron, Alliance News reporter
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Senior (SNR)
