Senior to beat expectations as orders pick up

21st Apr 2010 07:41

Car and aeroplane parts supplier Senior expects profits for 2010 to exceed expectations after trading in the three months to March 31 got a lift from favourable currency movements and cost control and efficiency improvements.In the aerospace division, which accounts for 59% of sales, the order pipeline remained healthy, with Boeing and Airbus delivering 143 aircraft during the quarter, compared with four during the same quarter the previous year.Trading was mixed in the flextronics division, where revenues are divided more or less equally between land vehicle markets and industrial markets such as oil & gas and renewable energy.Production of passenger vehicles was well ahead of the levels seen in the first quarter of 2009 across most of the group's geographical markets, Senior said. However, it added that volumes to the heavy truck market were weaker after a spike in the final quarter of 2009 when large numbers of diesel engines were manufactured ahead of the implementation of tighter emission legislation. Industrial markets were also mixed 'with some product and geographical markets showing increases, as the effect of de-stocking eased and economic confidence improved, whilst others remained more challenging.'