Trading Statement / New CEO
Senior PLC
07 November 2007
Senior plc
Interim Management Statement for the nine months ended 30 September 2007 and
appointment of new Group Chief Executive
Interim Management Statement
Senior plc, an international manufacturer of high technology components and
systems, principally for the aerospace, diesel-engine and energy markets, issues
this interim management statement for the nine month period ended 30 September
2007.
Overall, trading has been healthy, especially in the aerospace and energy
markets. In addition, the North American heavy-duty diesel products have become
an increasingly valuable contributor in recent months. Consequently, the Group's
adjusted profit before tax for the nine month period ended 30 September was at
the top end of the Board's expectations.
In the Aerospace Division, the wide-bodied commercial market, which accounts for
43% of divisional sales, has remained strong with the combined deliveries of
Boeing and Airbus up 7% to 659 aircraft for the first nine months of 2007 (615
aircraft for the first nine months of 2006). Total net order intake for Boeing
and Airbus over the same period amounted to 1,684 aircraft, well ahead of
deliveries. Consequently, their combined order book increased significantly to
6,013 aircraft at the end of September 2007, up from 4,988 aircraft at the end
of December 2006. Orders for the new Boeing 787, on which Senior
has significant sales value, reached 710 aircraft by the end of the third
quarter with Boeing scheduled to deliver the first aircraft to customers before
the end of 2008. Airbus delivered their first A380 in October and intends to
make four deliveries a month by 2010. Elsewhere, the regional jets built by
Bombardier and Embraer have seen slightly increased deliveries (199 against 193
aircraft), but orders were well ahead of deliveries at 313 for the nine month
period. The business jet market remains very healthy and the military market
is stable.
In the Flexonics Division, the industrial markets in which Senior operates, such
as oil and gas, power generation and chemical processing, have been strong with
one of the Group's USA subsidiaries, Senior Flexonics Pathway, being a
particular beneficiary. As anticipated at the interim stage, sales of the new
heavy duty diesel-engine products have been good and production has continued to
become more efficient. Automotive volumes have largely been as expected.
With strong order books and healthy market places, the prospects for the Group
remain encouraging, despite the continued impact of the weak US dollar on
reported results.
The results for the year ended 31 December 2007 will be announced on Monday 3
March 2008.
Appointment of new Group Chief Executive
Having reached his normal retirement date, Graham Menzies, Group Chief
Executive, has announced his intention to retire from the Board in April 2008,
at the Company's next Annual General Meeting. After a rigorous recruitment
process, involving internal and external candidates, the Board is pleased to
announce that it will appoint Mark Rollins, an executive director of the Group
for the past seven years, to succeed Graham as Chief Executive. Mark will take
up the role in March 2008. A search is underway for a new Finance Director.
Graham Menzies said:
'I have decided to retire from Senior plc next year when I reach 60, after eight
eventful and challenging years as its Chief Executive. I am pleased to be able
to leave the Company in robust health and with encouraging future prospects. I
would like to thank everyone at Senior for their dedication and support over the
years and to wish the Company every success for the future. In addition, I am
very happy that Mark will follow me as Chief Executive. In the years we have
been colleagues, his contribution to the task of recovering and developing
Senior has been invaluable. He is going to continue to do a great job for all us
shareholders.'
Martin Clark, Chairman, said:
'I would like to thank Graham for his very successful leadership of Senior plc
and to wish him a long and happy retirement. The Company is in a strong
position and is significantly more valuable than when he took over in 2000. I am
now looking forward to working with Mark, and the Board, in furthering the
future development of the Group.'
For further information please contact:
Graham Menzies, Group Chief Executive, Senior plc 01923 714702
Mark Rollins, Group Finance Director, Senior plc 01923 714738
Adrian Howard, Finsbury Group 020 7251 3801
This announcement, together with other information on Senior plc may be found
at: www.seniorplc.com
Note to Editors:
----------------
Senior is an international manufacturing group with operations in eleven
countries. Senior designs, manufactures and markets high technology components
and systems for the principal original equipment producers in the worldwide
civil aerospace, defence, diesel engine, exhaust system and energy markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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