Last checked at 20 Apr 2023 07:00
Senior plc: Q1 2023 Trading Update
Trading in line. Full year outlook in line with Board's expectations
Ahead of its Annual General Meeting on Friday 21 April 2023, Senior plc ("Senior" 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 three months ended March 2023 (the "Period").
Key points
● | Trading in the Period in line with expectations |
● | Market dynamics continue to be favourable |
● | Outlook for the year remains unchanged; Board anticipates strong growth in 2023 in line with its expectations |
Market & Divisions
Overall, trading in the Period has been in line with expectations with Group revenue growing 16% year on year on a constant currency basis. Both our Aerospace and Flexonics divisions contributed to the year-on-year improvement, with growth driven by higher sales in our commercial aerospace, land vehicle and power & energy markets.
Outlook
Overall, market dynamics continue to be favourable, with the strong commercial aerospace recovery continuing and other important markets remaining buoyant. Demand is holding up well, though we remain mindful of the ongoing supply chain pressures in aerospace, as well as the broader macro-economic situation and geopolitical uncertainty.
We continue to anticipate that trading in our Aerospace Division will be more weighted to the second half of the year, due to aircraft build rates increasing through the year, and the supply chain challenges in aerospace, including the fire at one of our key suppliers in Thailand as reported with our full year results. We have made good progress with our customers and suppliers to mitigate the impact of the fire and work will continue throughout the rest of the year to address the remaining issues.
In terms of the outlook for the Group for 2023, the Board continues to anticipate strong growth for the Group in 2023 in line with its expectations.
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 a FTSE 250 international engineering and manufacturing Group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior's Purpose is "we help engineer the transition to a sustainable world for the benefit of all our stakeholders". Senior designs and manufactures high technology components and systems for the principal original equipment producers 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.