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Interim Results

Senior trades in line with expectations

31 July 2017 07:22

Senior reported it was trading in line with expectations and had free cash inflow of £29.6m.

The company won additional airframe and engine content on key commercial aircraft growth platforms and hiked its interim dividend by 5% to 2.05p per share.

Senior was on track to deliver £4m annualised streamlining savings from 2018 and is well positioned to increase market share and deliver good growth over the medium term.

Chief Executive David Squires said: "Trading across the Group in the first half of 2017 has been in line with expectations and the Group delivered a healthy cash performance.

"Overall, the Board's expectation for 2017 remains unchanged at current exchange rates.

"In Aerospace, we anticipate an improved performance in the second half of the year, as previously guided, driven by increasing revenues and operational improvements as we continue our cost reduction focus, particularly on our newer programmes.

"In Flexonics we are seeing some signs of recovery in our end markets and continue to believe that the end of 2017 will be an inflexion point for our truck and off-highway and upstream oil and gas facing businesses.

"As previously indicated, we continue to believe that Flexonics performance will be marginally lower in 2017 compared to 2016.

"Looking further ahead we remain positive about future prospects with strong and visible growth in Aerospace and the anticipated recovery in Flexonics."

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