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Trading statements

Senior Plc warns on FY 2016 performance

20 October 2016 07:18

Senior Plc said that while directors anticipate some improvement in Q4 over Q3, the group's FY performance is expected to be lower than previously anticipated.

"Looking further ahead, the Group remains well positioned for the future with Aerospace production programmes continuing to ramp-up and many new business opportunities in discussion with key customers," the company said.

"In Flexonics, despite the challenging conditions, we have continued to secure positions on new programmes and platforms, and therefore are well positioned to resume growth when markets recover," it added.

For the nine months to Sept. 30, group revenue rose 7% to £682.2m, from £638.0m.

"This included a favourable exchange rate impact of £48.0m and a beneficial incremental impact from acquisitions of £26.1m.

"Underlying Group revenue from organic operations was down 4% on a constant currency basis as growth from the Aerospace Division (up 2%) was offset by lower Flexonics revenue (down 18%) due to weaker truck and off-highway, and oil and gas markets.

"Adjusted profit before tax decreased by 18% to £58.5m, from £71.6m.

"Net debt at the end of September was £222.7m, as expected this was higher than at the end of June due to an anticipated increase in working capital, continued investment in capital expenditure in support of organic growth, as well as adverse currency impacts."

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