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Aerospace supplier Senior posts first-half profit as markets recover

By Reuters

– British jet and auto parts supplier Senior Plc on Monday reported a first-half profit compared with a loss a year ago, as its 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 and heavy equipment maker Caterpillar, said profit before tax for the six months ended June 30 was 22.3 million pounds ($31.01 million), compared with a loss of 136.3 million pounds a year earlier.

Senior last month lifted its annual forecast after “clear signs of recovery” in the pandemic-hit aerospace and oil and gas sectors, with planemakers picking up their production rates. But it still faces production cuts from automakers hit by chip shortages.

The company, however, added 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.

Revenue for the half year was 332.8 million pounds, down 19%.

($1 = 0.7191 pounds)