Senior optimistic about profits as King appointed to take chair

Senior has appointed former BAE Systems boss Ian King as its chairman-designate, won a long-term component supply contract with Boeing on a range of its next generation of aeroplanes and said its expected full year results to be slightly better than forecast.

King has joined the board as a non-executive director with immediate effect and take over as chairman from Charles Berry when he retires this coming April.

With its aerospace division increasing revenues in the period and enjoying operational and cost improvements, the board expects group full year adjusted profit before tax to be slightly ahead of previous expectations, at current exchange rates.

Furthermore, with "some signs of recovery" in end markets for its Flexonics arm, management are increasingly confident the end of 2017 "will be an inflexion point for our truck and off-highway and upstream oil and gas facing businesses".

Senior also announced that it Aerospace Steico Industries arm had won a long-term contract to supply oxygen and EBU tubes for Boeing's 737, 737 MAX, 747-8, 767, 767-2C, 777, 777X and P-8 platforms, with the contract expected to results in up to 200,000 tubes delivered to Boeing as standard equipment on the aircraft.

California-based Steico will provide titanium, stainless steel, aluminium and inconel tubes.

"We take great pride in this new Boeing contract, knowing that our unwavering commitment to quality and on time delivery continues to drive Steico's growth with our key customers," said Matt Sweaney, CEO of Senior Aerospace Steico Industries.