Senior performance reflects upturn in aerospace industry
1 min read
The high tech aerospace supply chain player Senior plc told shareholders today (28 June) that a more positive outlook for the large commercial aircraft market meant that it had traded strongly and, consequently, expected profits to be significantly ahead of the performance achieved in the first half of 2009.
Senior – which can trace its history back to the 19th century with the business of Henry Hargreaves & Sons (now Senior Hargreaves, based in Bury, UK) but now operates plants in the US, UK and elsewhere – manufactures bleed air duct systems, precision sheet metal fabrications, bellows, metal hose assemblies, and other pressure carrying components that are flying in virtually all military and commercial aircraft.
Looking at its main aerospace market, Senior said that in the first five months of the year, Boeing and Airbus had reported a much improved combined net order in-take of 184 aircraft (2009: 21 aircraft). Airbus had also announced commitments for an additional 67 aircraft. In the same five-month period Boeing and Airbus delivered 385 aircraft (2009: 406). The improved outlook has led both Boeing and Airbus to announce increases in aircraft build rates for future years. Importantly for Senior, Boeing's 787 (pictured) flight test programme remained on schedule, with more than 1,000 flying hours now recorded and the first GE powered aircraft joining the existing four Rolls-Royce powered aircraft in the test programme.
Elsewhere in the Aerospace Division, main military and defence programmes were growing steadily, sales to the business jet market stabilising and those to the regional jet market weakening.
In a trading update, Senior said its future prospects remained encouraging. Its results for the six-month period to 30 June 2010 will be announced in August.
