The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSenior Regulatory News (SNR)

Share Price Information for Senior (SNR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 169.20
Bid: 167.80
Ask: 168.40
Change: -0.20 (-0.12%)
Spread: 0.60 (0.358%)
Open: 167.00
High: 170.20
Low: 167.00
Prev. Close: 169.40
SNR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

16 Nov 2022 07:00

RNS Number : 5134G
Senior PLC
16 November 2022
 

Senior plc

Trading Update - Trading delivered in line with expectations, full year outlook unchanged

Senior plc ("Senior", "Company" or the "Group"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defence, land vehicle and power & energy markets, today issues this trading update for the ten-month period ended October 2022 (the "Period").

Key points

Trading performance delivered in line with expectations

Full year outlook unchanged from previous expectations, with performance in second half of the year to be similar to the first half

Order book remains strong, with book-to-bill ratio of 1.28 in the Period

UK RCF facility refinanced and extended maturity to November 2026

UK pension plan well-funded; no further Company contributions required

Trading update

Senior delivered trading in the Period in line with management expectations. Group revenue grew 19% year-on-year on a constant currency basis, underpinned by resilient core markets and a healthy order intake, with a book-to-bill ratio of 1.28.

Activity in the Aerospace Division benefitted from the continuing recovery in civil aerospace, particularly in single aisle and regional jet programmes. We are encouraged by the OEM's recent positive narrative around build rates for both single aisle and long-range programmes.

Trading in the Flexonics Division continued to benefit from strong customer demand in the heavy truck and power & energy markets.

The macroeconomic and geopolitical environment, supply chain and inflationary challenges will persist into 2023 but these are being managed diligently with our customers and suppliers.

Renewal of UK Revolving Credit Facility ("RCF")

The Group maintains a strong financial position and healthy balance sheet. The majority of our drawn borrowing is at fixed interest rates. In the period, we are pleased to have repaid the USD $20m private placement loan that matured in October 2022 and refinanced our main UK revolving credit facility at competitive rates and extended the maturity to November 2026. In support of the strong ESG commitments made by Senior and its lenders, we have jointly agreed appropriate sustainability KPIs linked to the RCF.

UK Pension Plan triennial valuation

The latest triennial actuarial valuation of the Senior plc Pension Plan ("the UK Plan") has been completed. The valuation has shown that the UK Plan is well-funded with an actuarial surplus. The UK Plan's Trustee and the Group have agreed that there will be no requirement for further contributions, which have amounted to £5.5m per annum in recent years.

Outlook

Demand continues to benefit from the resilience of our core markets, underpinning our confidence in maintaining the full year outlook for 2022, in line with our previous expectations. We continue to expect performance in the second half of the year to be similar to the first half.

Our compelling strategy and positioning in attractive and structurally resilient core markets, combined with our sector leading sustainability credentials and highly relevant technical capabilities, underpins our commitment to delivering a strong recovery across our Aerospace and Flexonics Divisions. This recovery drives the Group ROCE to a minimum of 13.5% over the medium term, in line with our previously stated ambition.

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

Richard Webster-Smith

FGS Global

+44 (0) 7796 708 551

About Senior

Senior is an international manufacturing group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs and manufactures high technology components and systems for the principal original equipment manufacturers in the worldwide aerospace & defence, land vehicle and power & 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTFLFIDLFLELIF
Date   Source Headline
17th Dec 201911:46 amRNSMarket Update
9th Dec 20197:00 amRNSStatement regarding recent media speculation
7th Nov 20197:00 amRNSTrading Statement
6th Nov 201910:02 amRNSHolding(s) in Company
24th Oct 20197:00 amRNSHolding(s) in Company
2nd Oct 20195:42 pmRNSHolding(s) in Company
16th Sep 201911:24 amRNSHolding(s) in Company
13th Sep 20199:37 amRNSHolding(s) in Company
11th Sep 20196:00 pmRNSHolding(s) in Company
2nd Sep 20191:05 pmRNSBlock listing Interim Review
9th Aug 20196:15 pmRNSDirector/PDMR Shareholding
8th Aug 20193:56 pmRNSDirector/PDMR Shareholding
5th Aug 20197:00 amRNSHalf-year Report
18th Jul 20195:51 pmRNSHolding(s) in Company
9th Jul 201911:34 amRNSChange to Director Details
4th Jul 20195:47 pmRNSAppointment of Joint Corporate Broker
24th Jun 201910:14 amRNSHolding(s) in Company
12th Jun 20197:00 amRNSOpening of new aerospace facility in Malaysia
28th May 20199:35 amRNSHolding(s) in Company
14th May 20192:30 pmRNSHolding(s) in Company
10th May 20195:26 pmRNSDirector/PDMR Shareholding
9th May 201910:39 amRNSHolding(s) in Company
26th Apr 20194:50 pmRNSResult of AGM
25th Apr 20197:00 amRNSTrading Statement
27th Mar 20191:18 pmRNSNotice of AGM
22nd Mar 20197:00 amRNSContract
21st Mar 201912:09 pmRNSHolding(s) in Company
11th Mar 20194:06 pmRNSHolding(s) in Company
8th Mar 20195:45 pmRNSDirector/PDMR Shareholding
8th Mar 20195:39 pmRNSDirector/PDMR Shareholding
8th Mar 201910:53 amRNSDirector/PDMR Shareholding
7th Mar 20193:27 pmRNSHolding(s) in Company
4th Mar 20192:33 pmRNSBlock listing Interim Review
4th Mar 201911:23 amRNSAnnual Financial Report
4th Mar 20197:00 amRNSFinal Results
13th Dec 201810:40 amRNSNotice of Change of Director's Details
28th Nov 20186:06 pmRNSHolding(s) in Company
28th Nov 20185:58 pmRNSHolding(s) in Company
28th Nov 20187:00 amRNSTrading Statement
22nd Nov 20184:53 pmRNSHolding(s) in Company
10th Oct 20184:10 pmRNSHolding(s) in Company
9th Oct 20187:00 amRNSDirectorate Change
31st Aug 201811:30 amRNSBlock listing Interim Review
6th Aug 20184:52 pmRNSHolding(s) in Company
31st Jul 20185:08 pmRNSHolding(s) in Company
30th Jul 20187:00 amRNSHalf-year Report
9th Jul 20184:15 pmRNSHolding(s) in Company
1st May 20185:47 pmRNSResult of AGM
1st May 20187:00 amRNSDirector/PDMR Shareholding
30th Apr 20183:17 pmRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.