Senior leaves full-year guidance unchanged, says order book 'strong'
Senior left its full-year guidance unchanged, telling investors to expect a second half outcome "similar" to that of the first six months of the year.
The manufacturer for the aerospace and defence, land vehicle and power and energy markets reported a book-to-bill ratio of 1.28 for the first ten months of the calendar year, adding that its order book remained "strong".
Group sales were said to be ahead by 19% in comparison to a year earlier on a constant currency basis, in line with expectations.
Demand was continuing to recover in civilian aerospace, while Flexonics continued to benefit from "strong" client demand, the company said.
On the back of the recovery in both businesses, the engineer reaffirmed its medium-term commitment to a return on capital employed of 13.5%.
Furthermore, no more company contributions to its UK pension plan were required with Senior describing it as well funded.
Nevertheless, it cautioned that: "the macroeconomic and geopolitical environment, supply chain and inflationary challenges will persist into 2023 but these are being managed diligently with our customers and suppliers."
As of 1055 GMT, shares of Senior were drifting lower by 1.32% to 119.40p.