Senior to top forecasts

15th Dec 2010 07:27

Engineer Senior has seen a decent tailwind since October with underlying profits slightly ahead of expectations in each of the past two months.As a consequence, underlying profits overall for 2010 will be above the top end of the previous market range of £61.0m to £63.5m.The improvement is attributed to a better than anticipated product mix for the Flexonics Division. Cash generation has remained strong, with net debt of £69m at November's accounting month end being well below the £102m at the start of the year.In the Aerospace Division, visibility for existing programmes is good and markets have consequently been largely as expected. The market for large commercial aircraft has continued to strengthen, with Boeing and Airbus announcing improved order in-take, though regional jet demand remains subdued.Flexonics continues to benefit from modest improvements in the European and North American heavy truck markets, Senior added.