(Reuters) -British engineering firm Senior said on Thursday it expects its full-year performance to be "comfortably ahead" of previous expectations, supported by robust sales in its Aerospace and
Senior Expects 2023 Performance to Surpass Expectations
(Reuters) -British engineering firm Senior said on Thursday it expects its full-year performance to be "comfortably ahead" of previous expectations, supported by robust sales in its Aerospace and Flexonics divisions.
For the ten months ended October, its group revenue increased 5.9% on a constant currency basis, with Aerospace sales jumping 9.4% as commercial aircraft production and defence spending climbed alongside improved pricing.
Rising air travel demand driven by growing disposable income, and increased defence spending amid heightened geopolitical tensions has benefited firms such as Senior, a key supplier to Boeing and Airbus.
Sales in Flexonics division, which makes components for land vehicles and energy markets, rose 1.5% helped by aftermarket demand for its nuclear and downstream oil and gas products, and is now expected to perform slightly better than 2024 despite softening in industrial and passenger vehicle markets.
While Aerostructures trading improved year-on-year, supply-chain disruptions continue to affect deliveries. The company said it is working with suppliers and customers to limit the impact.
Senior expects completion of its Aerostructures business sale to private equity investor Sullivan Street Partners by year-end, despite regulatory delays from the U.S. government shutdown.
Following the sale, Senior will focus on its businesses providing fluid conveyance and thermal management solutions to the aerospace, land vehicle and power industries.
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Sonia Cheema)
