Headlines
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A solid set of results given the challenging conditions in some of our end markets |
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Adjusted profit before tax of £99.3m, 3% below prior year (6% decrease on a constant currency basis) |
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Good organic growth in large commercial aerospace and military |
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Free cash flow of £51.7m after increased capital expenditure of £48.6m |
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Acquisitions bring new capabilities to the Group |
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Full year dividend proposed to increase by 10% |
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Near-term challenging conditions continue but Group outlook remains encouraging over the medium-term |
Commenting on the results, David Squires, Chief Executive of Senior plc, said:
"Senior has delivered a solid set of results in 2015 against the backdrop of challenging conditions in some of our end markets. 2015 was a year of significant activity for our Aerospace Division with some mature programmes ramping down and newer programmes nearing completion of their industrialisation phase. In 2016 we expect growth in our Aerospace business as volumes start to ramp on the newer programmes. Flexonics faced difficult market conditions in 2015 and we expect that to continue into 2016 and so the Group continues to take appropriate mitigating cost management and efficiency actions. The Group is financially robust and remains well positioned for the future as new Aerospace and Flexonics programmes and products enter production and as Senior increasingly benefits from its strong customer relationships and global footprint."
