Senior PLC
16 April 2004
16 April 2004
Senior plc
ANNUAL GENERAL MEETING - CHAIRMAN'S STATEMENT
At the Annual General Meeting of Senior plc today, the Chairman, Mr James
Kerr-Muir, said:
'Senior delivered a resilient performance during 2003 in the face of continued
weakness in the commercial aerospace market and a number of programmes ending in
the automotive division. The lower level of debt at the year-end of £64m
represents a reduction of £100m over the past three and a half years and puts
the Group on a secure footing for the future. Product development gathered
momentum, with programme wins on the A380 and the Joint Strike Fighter and much
increased engineering resource being invested in developing new products for the
North American heavy truck diesel engine manufacturers.
The aerospace industry is now showing early signs of recovery. Whilst defence
remains steady, it appears that demand in the civil sector may be starting to
improve from the low levels seen during 2002 and 2003. The first quarter has
also seen significant progress continuing to be made in the North American heavy
truck diesel market. The first production programmes have been won, with many
more currently in the quotation, prototyping and testing stages. As a result,
capital expenditure is expected to increase.
Although the Group is beginning to experience increased metal raw material
prices, trading is in line with the Board's expectations.
Richard Turner, who has been a non-executive Director of the Group for nearly
eight years, had previously announced that he would retire at the end of this
meeting. The recruitment process for a new non-executive Director is at an
advanced stage and Richard has now kindly agreed to stay on until the
appointment has been finalised.'
Enquiries:
Senior plc Graham Menzies Group Chief Executive 01923 714702
Mark Rollins Group Finance Director 01923 714738
Finsbury Charlotte Hepburne-Scott / Gordon Simpson 020 7251 3801
This announcement, together with other information about Senior plc, can be
found at: www.seniorplc.com
Note to Editors:
Senior is an international manufacturing group with operations in 12 countries.
Senior designs, manufactures and markets high technology components and systems
for the principal original equipment producers in the worldwide aerospace,
automotive and specialised industrial markets.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.