Senior PLC
28 June 2004
Trading Update
Underlying trading has been in line with the Board's expectations as set out in
the AGM statement of 16th April and, assisted by lower interest costs, first
half underlying earnings per share is anticipated to be marginally ahead of the
first half of 2003. This is despite trading in the first five months of 2004
having been impacted by significant raw material price rises and continued
currency volatility.
In the aerospace division, demand has been steady and in line with expectations.
The civil aircraft industry has begun to show signs of recovery and military
aircraft demand has remained strong. Development work has continued on new
programmes with the first sales beginning to be made of pre-production and
prototype parts.
Demand in the automotive division has been at the level expected with both the
North American and European markets remaining at similar levels to 2003. Diesel
engine production continues to increase its market penetration in Europe. New
programme prospects in this sector and in the North American heavy truck diesel
market are now substantial. This means that capital expenditure is likely to
rise over the next two years to meet the production requirements starting in
2006.
The sale of the five industrial hose companies is progressing, and hopefully the
announcement of the completion of this disposal can be made soon.
Interim results will be announced on 5th August 2004.
Appointment of Non-Executive Director
Senior plc is pleased to announce the appointment, with effect from 1st July
2004 of Gordon Campbell as a Non-Executive Director. On the same date, Richard
Turner is to retire from the Board having completed eight years as a
Non-Executive Director of the Company.
The Board would like to thank Richard Turner for his unstinting enthusiasm and
support of the Group during a period of great change, particularly his wise
counsel at Board meetings and incisive observations following visits to the
operations.
Gordon Campbell (57) is Chairman of Babcock International Group PLC and British
Nuclear Fuels plc, and was formerly Chief Executive of Courtaulds plc. He is
also the Non-Executive Chairman of ITI Scotland and a Non-Executive Director of
Jupiter Split Trust plc. His significant international industrial experience
will be of great value to the Group.
Mr Campbell has advised the Company that he has no other details to disclose
under Section 16.4 of The Listing Rules of the FSA.
Enquiries:
Senior plc
James Kerr-Muir Chairman 01923 714702
Graham Menzies Group Chief Executive 01923 714702
Mark Rollins Group Financial Director 01923 714738
Finsbury
Morgan Bone/Gordon Simpson 0207 251 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
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