Senior PLC
15 December 2003
SENIOR PLC
Pre Close Period Statement
15 December 2003
Trading during the second half of 2003 has remained broadly in line with that
anticipated at the time of the interim statement on 7 August 2003.
2003 Group profit before tax for the full year is expected to be in line with
the board's expectations despite the adverse impact the weakening US dollar has
had on the Group's sterling results.
With the majority of the Group's borrowings being denominated in US dollars and
a tight control being maintained on capital expenditure, the year end net debt
level is likely to be better than anticipated.
In the Aerospace Division demand remains at a low ebb, but a greater degree of
stability has become evident. We expect the level of demand to continue at
similar levels throughout 2004. Additional business, providing valuable future
growth, continues to be won on a number of new programmes, notably Airbus A380
and the Joint Strike Fighter.
During the second half of the year, demand for our automotive products in both
the USA and Europe has been close to anticipated levels. Product development
activities, primarily in applications for diesel engines, which are increasing
market share, are being maintained at a high level. Operationally, the
enlargement of the Cape Town facility is nearing completion, albeit at a time
when the strengthening Rand is currently making exporting from South Africa
financially less advantageous. Our plant in the Czech Republic is now benefiting
from increased volumes and is starting to contribute to profits.
In our Industrial Division, demand has recently shown modest signs of
improvement both in Europe and in the USA. Negotiations continue with interested
parties in respect of the potential disposal of five out of the eight remaining
profit centres within this division.
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.