UK jet engine parts supplier Senior (SNR) bounced back into the black in the first half after end markets showed signs of recovery, encouraging the company to keep its annual outlook unchanged.
The engineering firm, which supplies equipment to planemakers including Boeing, said pre-tax profit for the six months to 30 June hit £22.3 million, a sharp reverse from last year’s pandemic hit £136.3 million half-year loss.
Revenue for the half year was £332.8 million, down 19% on last year’s half year stage.
Senior last month lifted full year guidance after ‘clear signs of recovery’ in the pandemic-hit aerospace and oil and gas sectors, with plane manufacturers picking up production output. The company also successfully rebuffed a takeover attempt from US private equity firm Lone Star, which had five separate bids knocked back by the Senior board.
Shares in FTSE 250 Senior surged more than 5% in trading on Monday to 170.6p. Lone Star’s final proposal had been pitched at 200p per share, valuing the UK aircraft parts business at approximately £838.8 million.
Senior said that its second half would be slightly weaker than the first as defence sales could fall, partly due to the divestment of its Senior Aerospace Connecticut unit and lower sales of spare parts to the military.