SNR Senior Plc

TIDMSNR

RNS Number : 5644O

Senior PLC

11 October 2021

11 October 2021

Senior plc: Trading Update - Trading in line, full year expectations unchanged

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 nine-month period ended September 2021 (the "Period").

Trading update

Trading in the nine-month period ended September 2021 has been in line with management expectations.

In our Aerospace Division, when compared to the equivalent period in the prior year, part of which was pre-COVID and included Senior Aerospace Connecticut for the full nine months, sales in the Period were around 14% lower on a constant currency basis. Excluding Senior Aerospace Connecticut, which was divested on 22 April 2021, revenue for the nine-month period on an organic, constant currency basis declined by 11%. This reflected the reduction in civil aircraft production rates, partly offset by growth from defence, semi-conductor equipment and space markets.

In Flexonics, sales in the Period grew around 11% compared to the equivalent period in the prior year, on a constant currency basis. As anticipated, growth from the recovery in heavy-duty truck and off-highway markets, was partially offset by a decline in oil & gas and the closure of the Senior Flexonics business in Malaysia.

For the Period, Group revenue of GBP496m was 7% lower, on a constant currency basis, than the equivalent period in the prior year, part of which was pre-COVID and also included Senior Aerospace Connecticut for the full nine months. Excluding Senior Aerospace Connecticut, revenue for the nine-month period on an organic, constant currency basis declined by 4%.

Financial Position

Net debt at the end of September 2021 was GBP94m (excluding capitalised leases of GBP74m), a reduction of GBP35m from December 2020 and is in line with our normal seasonal working capital pattern.

Outlook

Market demand is recovering strongly in both land vehicles and domestic aviation, and defence markets continue to remain stable. This positive recovery in demand has contributed to the well-publicised supply chain constraints that both our customers and Senior are having to weather. Our operating businesses are managing these increasing headwinds diligently and, as a result, the outlook for the Group for 2021 remains in line with management's previous expectations.

Looking further ahead, our differentiated offering in fluid conveyance and thermal management products in attractive and diverse end markets, means that the Board is confident we will make good progress as the recovery continues. Our investment and capability in low carbon and advanced manufacturing technology, our global footprint, our strong track record and continued commitment to the highest ESG standards further underpins this confidence.

Senior is hosting a Capital Markets Day on 12 October 2021 at the London Stock Exchange where we will provide insights on our strategy to maximise shareholder value through a focus on fluid conveyance and thermal management technology. A recording of the webcast and the presentation materials will be made available on the Senior plc website.

Notes

This announcement contains inside information.

Further information

 
                         Group Finance Director, Senior     +44 (0) 1923 714 
Bindi Foyle               plc                                725 
                         Director of Investor Relations,    +44 (0) 1923 714 
Gulshen Patel             Senior plc                         722 
                                                            +44 (0) 7796 708 
Richard Webster-Smith    Finsbury                            551 
 

About Senior

Senior is an international manufacturing group with operations in 13 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs and manufactures high technology components and systems for the principal original equipment manufacturers 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.

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October 11, 2021 02:00 ET (06:00 GMT)

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