Senior ahead of last year

28th Jun 2010 07:31

Senior, the manufacturer of high technology components and systems, is trading in line with expectations with profits for the first half of 2010 expected to be well ahead of last year.Cash generation has been healthy with net debt expected to decline from the £102.3m reported at the end of 2009, despite the strength of the US dollar.The aerospace market, one of the key sectors the company serves, appears in much more upbeat mood this year, with both Boeing and Airbus reporting much improved combined net order intake.Importantly for Senior, Boeing's 787 flight test programme remains on schedule, with more than 1,000 flying hours now recorded and the first GE powered aircraft joining the existing four Rolls-Royce powered aircraft in the test programme. Elsewhere in the Aerospace Division, the group's main military and defence programmes have been growing steadily, sales to the business jet market have been stabilising but those to the regional jet market have been weakening.Conditions in the end markets serviced by the Flexonics Division were largely as anticipated, but excellent operational execution and a favourable product mix mean first half margins are now likely to be at the higher end of expectations."Senior continues to gain market share in a number of its markets, through excellent operational performance and financial strength, with new and existing customers both offering healthy growth opportunities. Tightening emission legislation and growth in renewable energy markets can also be expected to provide healthy longer term opportunities for the group," the company said.