Senior plc: Trading Update
Trading in line with expectations. Full year outlook maintained
Senior plc ("Senior", "Company" 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 ten-month period ended October 2023 (the "Period").
Key points
| ? | Trading in the Period in line with expectations |
| ? | Robust market demand underpinning strong growth |
| ? | Full year 2023 outlook maintained, with strong growth anticipated for the Group |
Trading update
Overall, trading in the Period has been positive and in line with expectations with Group revenue growing 15% year-on-year on a constant currency basis, underpinned by a healthy book-to-bill ratio of 1.20.
Both our Aerospace and Flexonics divisions contributed to the year-on-year improvement, reflecting the strength in our core markets and our positioning on key growth platforms across both divisions. The Group benefitted from robust growth in commercial aerospace, land vehicle and power & energy markets.
Outlook
Overall, the Board's expectations of strong growth for the Group in 2023 are unchanged.
We expect to see strong year-on-year growth in the Flexonics division in 2023, though we remain mindful of market commentary around some markets moderating in 2024.
Our Aerospace division sales are also expected to see good year-on-year growth in 2023 and we continue to expect Aerospace performance to improve in 2024 and beyond as supply chain challenges dissipate and production rates increase.
Further information
| Bindi Foyle | Group Finance Director, Senior plc | +44 (0) 1923 714 725 |
| Gulshen Patel | Director of Investor Relations, Senior plc | +44 (0) 1923 714 722 |
| Richard Webster-Smith | FGS Global | +44 (0) 7796 708 551 |
About Senior
Senior is a FTSE 250 international manufacturing Group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior's Purpose is "we help engineer the transition to a sustainable world for the benefit of all our stakeholders." Senior designs and manufactures high technology components and systems for the principal original equipment producers 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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