THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON PUBLICATION OF THIS ANNOUNCEMENT THIS INFORMATION IS NOW CONSIDERED IN THE PUBLIC DOMAIN.
Senior plc: FY22 Post-close Trading Update
Strong finish to the year delivers profits ahead of expectations
Senior plc ("Senior" or the "Group"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defence, land vehicle and power & energy markets, today issues this trading update for the year ended 31 December 2022.
Key Points
| ● | Strong end to the year with outperformance in the Flexonics Division and the Aerospace Division in line with expectations |
| ● | Adjusted profit before tax(1) for 2022 is now expected to be above the top end of the range of consensus expectations(2) |
| ● | Full year 2022 results are to be reported on Monday 27 February 2023 |
Trading update
Trading in the Flexonics Division has been ahead of previous expectations, driven by strong customer demand in the land vehicle and power & energy markets. In particular, demand for heavy duty truck and the levels of maintenance and overhaul in power & energy have improved since the last trading update.
Subject to audit, the Group adjusted profit before tax(1) for 2022 is therefore expected to be above the top end of the range of consensus expectations(2).
Notice of results
Senior is scheduled to report its results for the financial year ended 31 December 2022 on Monday, 27 February 2023. On that day, a webcast and conference call for analysts and investors will take place at 11:00am GMT.
Notes
All full year 2022 figures are subject to audit.
| (1) | Adjusted profit before tax is before amortisation of intangible assets from acquisitions, net restructuring income and costs/income associated with corporate undertakings. |
| (2) | The Senior compiled consensus range for adjusted profit before tax(1) for 2022, which is made up of seven analysts, is £16.2m to £18.0m. |
The person responsible for arranging the release of this announcement on behalf of Senior is Andrew Bodenham, Group Company Secretary.
Further information
| Bindi Foyle | Group Finance Director, Senior plc | +44 (0) 1923 714 725 |
| Gulshen Patel | Director of Investor Relations, Senior plc | +44 (0) 1923 714 722 |
| Richard Webster-Smith | Finsbury Glover Hering | +44 (0) 7796 708 551 |
About Senior
Senior is an international manufacturing group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs and manufactures high technology components and systems for the principal original equipment producers in the worldwide aerospace & defence, land vehicle and power & energy markets. Further information on Senior plc may be found at: www.seniorplc.com
Cautionary Statement
This announcement contains certain forward-looking statements. Such statements are made by the Directors in good faith, based on the information available to them at the time of the announcement, and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.
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