Senior PLC on Thursday looked ahead with confidence, after posting 16% annual revenue growth during the first quarter of 2023.

The components and systems manufacturer said that during the first three months of 2023 it experienced revenue growth of 16% annually, on a constant currency basis. It explained that both its Aerospace and Flexonics divisions contributed to the year-on-year improvement, with growth driven by higher sales in the company’s commercial aerospace, land vehicle and power & energy markets.

Looking ahead, Senior expects ‘strong growth’ in 2023 in line with its expectations.

‘Overall, market dynamics continue to be favourable, with the strong commercial aerospace recovery continuing and other important markets remaining buoyant. Demand is holding up well, though we remain mindful of the ongoing supply chain pressures in aerospace, as well as the broader macro-economic situation and geopolitical uncertainty,’ Senior added.

The company expects that trading in its Aerospace division will be more weighted to the second half of the year, due to aircraft build rates increasing through the year, and the supply chain challenges in aerospace.

It also reassured investors that it has ‘made good progress’ to mitigate the impact of the fire at one of its key suppliers in Thailand. This was first reported on in February, when Senior issued its full-year results.

Senior will hold its annual general meeting on Friday.

Shares in Senior were down 0.1% at 156.40 pence each in London on Thursday morning.

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