Senior buoyed by increased aerospace production

1st Aug 2011 08:36

Engineer Senior posted an 18% increase in half yearly pre-tax profit as increased production at its aerospace division continues. Pre-tax profit rose 18% to £35.6m in the half year to 30 June 2011. Revenue rose 10% to £315.6m during the period.Senior said it saw a strong performance from large commercial aircraft, military aerospace, and medium and heavy-truck programmes.Its aerospace division saw revenue increase by £23.8m on a constant currency basis to £187.9m. Two of Senior's largest customers Boeing and Airbus both ramped up production rates in the last few months. Commenting on the results chairman Martin Clark said, "While macroeconomic concerns remain, the outlook is encouraging which gives the board confidence to recommend an increase in the interim dividend of 15% to 1.15p.""Elsewhere across the group, the outlook appears generally positive." Net debt was reduced by £24m to £62.9m.---CJ