Senior PLC on Monday reported a rise in its half-year profit, driven by growth across both of its divisions, as well as higher investment income.
The Hertfordshire, England-based auto and aircraft components and systems manufacturer said in the six months to June 30, pretax profit grew by 22% to £13.5 million from £11.1 million a year prior. This was partly driven by investment income of £2.9 million during the period.
Revenue for the half-year was £482.3 million, up 20% from £402.2 million the year before. Senior cited ‘good order intake’ across both of its divisions, pricing benefits of £21.6 million, and £13.5 million from ‘favourable exchange rates’. The increase at constant currency was 16%.
Senior declared an interim dividend of 0.60 pence per share, rising from 0.30p per share in the first half of 2022.
Looking ahead, Senior said its expectations for the full year are unchanged, citing a ‘strong trajectory with good growth’ across both divisions. It added that it expects continued growth in Aerospace in 2024 due to increasing production rates and the easing of supply chain challenges.
Senior also said it is on track to drive return on capital employed to 14%, in line with expectations.
Chief Executive Officer David Squires said: ‘Our strategy and positioning in attractive and structurally resilient core markets, combined with our sector leading sustainability credentials and highly relevant technical capabilities, provides confidence of continuing performance improvements across our Aerospace and Flexonics divisions and enhanced value for our stakeholders.’
Shares in Senior were down 2.8% were 165.60 pence each in London on Monday morning.
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