Senior sales rise as aerospace strength offsets Flexonics weakness
Aerospace and defence components manufacturer Senior said on Friday that trading over the first quarter has been in line with expectations with strong growth in commercial aerospace, as it held on to guidance for the full year.
Group revenues in the first three months of 2024 were up 7% on last year on a constant currency basis, with the aerospace division contributing 12% growth, making up for a 2% fall in the Flexonics unit.
In Flexonics, good growth in the downstream oil, gas and nuclear sectors and resilient land vehicle sales was offset by a rebalancing of inventory by upstream oil and gas customers, which the company had warned about in its full-year results in March.
"Overall, the board anticipates good growth for the group in 2024 in line with its expectations," Senior said.
While conditions for Flexonics are expected to persist, the company said its diversified position across key civil and defence aircraft platforms and increasing aircraft build rates is expected to support good growth in aerospace revenue throughout 2024.