Senior backs FY expectations, hails 'robust' market demand

20th Nov 2023 07:55

(Sharecast News) - Senior backed its full-year guidance on Monday as it said trading has been in line with expectations, citing "robust" market demand.

In an update for the 10 months to the end of October, the company said trading overall has been "positive", with group revenue up 15% year-on-year at constant currency, underpinned by a healthy book-to-bill ratio of 1.20.

Senior said that both its aerospace and flexonics divisions contributed to the improvement, "reflecting the strength in our core markets and our positioning on key growth platforms across both divisions".

In addition, the group benefitted from robust growth in commercial aerospace, land vehicle and power & energy markets.

Senior said its expectations of strong growth for 2023 were 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," it said. "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."