Senior PLC
27 June 2006
Senior plc
Pre Close Period Statement
Senior plc, a manufacturer of high technology engineered components and systems,
principally for the aerospace, diesel-engine and energy markets, issues the
following trading update for the six-month period to 30 June 2006.
In the Aerospace Division, which primarily services the aircraft and jet-engine
original equipment assemblers, demand has continued to be strong with the
Group's customers increasing their build rates as a result of high order books
and good market prospects. Production schedules are generally full for the
remainder of the year across the Division with the aerospace market continuing
to move ahead despite the potential constraints of rising raw material prices
and lengthening lead times. The recent announcement, by Airbus, of a delay in
deliveries of its new large A380 aircraft is expected to have only a minor
impact on the performance of the Division. Sterling Machine, the North American
aerospace business acquired by the Group in January 2006, is now performing in
line with expectations following the end of the six-week strike at its major
customer, Sikorsky. Sterling Machine's factory is being extended to increase
capacity. The acquisition is expected to be earnings enhancing in 2006.
In the Flexonics Division, which primarily services the energy, diesel-engine
and exhaust system original equipment manufacturers, demand has been
particularly strong in the energy sector with order intake well ahead of last
year. Demand in the automotive sector has been generally flat although still at
a healthy level. Good progress has been made over the past six months in North
America in installing and commissioning the plant and equipment required to
produce the Group's new diesel-engine related products. Sales are expected to
start on schedule in the final quarter of this year with the related capital
expenditure anticipated to be at the planned level. Elsewhere in the Division,
the Wembley contract is coming to an end, albeit slightly later than expected.
As anticipated, Group debt at the end of June will be higher than at the end of
2005 as a result of the diesel-engine capital expenditure and the acquisition of
Sterling Machine.
Overall, the Group is trading in line with the Board's expectations and is well
placed for future growth.
The 2006 interim results are scheduled to be announced on Thursday 3 August
2006.
For further information please contact:
Senior plc
Graham Menzies, Group Chief Executive 01923 714702
Mark Rollins, Group Finance Director 01923 714738
Finsbury Group
James Murgatroyd 020 7251 3801
This announcement, together with other information on Senior plc may be found
at: www.seniorplc.com
Note to Editors:
Senior is an international manufacturing group with operations in 11 countries.
Senior designs, manufactures and markets high technology engineered components
and systems, principally for the aerospace, diesel-engine and energy markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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