Senior sees large jump in first-quarter free cash flows

4th Aug 2014 07:48

Aerospace components manufacturer Senior's profits before tax grew 22% to £45.1m for the six months ended on 30 June.Revenues however were essentially flat at £400.4m. On an organic basis - excluding acquisitions and currency headwinds - revenues were up 3%.In adjusted terms, before accounting for extraordinary items, profit before tax was 4% higher at £50.1m.Free cash flow was 16% ahead on the comparable period of 2013 at £32.7m. The acquisition of Upeca was completed in April and has made an encouraging start with the group, Senior said. The group's chief executive officer is to retire in the first half of 2015.Net debt rose by £49m to stand at £114.3m.The outfit said the outlook for the remainder of the year remains in line with expectations, citing continuing strong growth in the commercial aerospace sector and improving demand from the group's principal land vehicle markets - although activity in India and Brazil remains weak.Sales at the aerospace arm grew by 10.1% to reach £264m while at the Flexonics arm they were 2.1% ahead at £136.3m.Senior unveiled a 10% increase in its interim dividend to 1.67p. AB