Last checked at 28 Nov 2018 07:00
Trading Update
Senior plc ("Senior"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace, defence, land vehicle and energy markets, issues this trading update for the ten months ended October 2018 (the "Period").
Markets and Divisions
Trading in the Period has been in line with expectations.
The Aerospace Division continues to benefit from positive activity in the large commercial aircraft sector, as production ramps up on the newer programmes such as the 737 MAX, A320neo and A350. We continue to make good progress on new product introductions on programmes won over the past year and this investment activity will continue into the first half of 2019. Construction of the new Aerospace facilities in Malaysia and in Massachusetts, USA are proceeding well and will be fully operational during the second half of 2019 and first half of 2020, respectively.
Trading in the Flexonics Division was also as expected, benefiting from growth in the truck, off-highway and upstream oil and gas markets. This was partially offset by the anticipated decline in passenger vehicle.
Outlook
Overall, at current exchange rates, and consistent with the position set out in the Interim Results announcement of 30 July 2018, the Board expects good progress to be made in 2018.
Looking further ahead, whilst we continue to invest in new programmes and products, Senior expects to make progress as these programmes ramp up, as new facilities commence operations, and as the benefits of the implementation of the Senior Operating System and cost saving actions continue to be delivered.
The 2018 full year results will be announced on Monday 4 March 2019.
Conference Call
There will be a call for investors and analysts at 8.30am GMT today. The dial-in details are as follows:
International access number: +44 (0)20 3003 2666
UK toll free number: 0808 109 0700
Password: Senior
Further information
Bindi Foyle | Group Finance Director, Senior plc | +44 (0) 1923 714 725 |
Gulshen Patel | Director of Investor Relations, Senior plc | +44 (0) 1923 714 722 |
Philip Walters | Finsbury | +44 (0) 20 7251 3801 |
About Senior
Senior is an international manufacturing group with operations in 14 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, defence, land vehicle and energy markets. Further information on Senior plc may be found at: www.seniorplc.com
Cautionary Statement
This announcement contains certain forward-looking statements. Such statements are made by the Directors in good faith, based on the information available to them at the time of the announcement, and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.