Senior shrinks debt, upbeat for 2010

1st Mar 2010 08:13

Engineer Senior reported a 'resilient performance' with strong cash flows and a £72m reduction in net debt while 2010 results are expected to be broadly in line with 2009 figures.Adjusted pre-tax profit fell 14% to £48.0m for the year ended 31 December 2009. Revenue for the period fell 4% to £540.1m. Commenting on the results, chairman Martin Clark said, "Senior has delivered a resilient set of results for 2009, with the highlights being the strong cash generation and the reduction in net debt." "These results, which were achieved despite the adverse impact that the global economic crisis had on many of the group's markets," Senior said. "The current year has started ahead of the board's expectations and, consequently, prospects for 2010, which were previously forecast to be more difficult than in 2009, have improved," it added.