REG - Senior PLC - Senior plc - Q1 2024 Trading Update

SeniorAnnouncement

26/04/2024 07:00

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RNS Number : 1014M  Senior PLC  26 April 2024

26 April 2024

Senior plc: Q1 2024 Trading Update

Trading in line, full year outlook in line with Board's expectations

Ahead of its Annual General Meeting on Friday 26 April 2024, Senior plc
("Senior" or "the Group"), an international manufacturer of high technology
components and systems, principally for the worldwide aerospace & defence,
land vehicle and power & energy markets, today issues this Trading Update
for the three months ended March 2024 (the "Period").

Key points

 ●    Trading in the Period in line with expectations
 ●    Strong growth in commercial aerospace
 ●    Outlook for the year remains unchanged; Board anticipates good growth for the
      Group in 2024 in line with its expectations

Trading Update

Overall, trading in the Period has been in line with expectations with Group
revenue growing 7% year-on-year on a constant currency basis.  Aerospace
revenue grew by 12% year-on-year driven by growth in commercial aerospace.
In Flexonics we had good growth in downstream oil & gas and nuclear with
land vehicle sales remaining resilient.  As stated in our Full Year results
in March, we were anticipating a rebalancing of inventory by our upstream oil
& gas customers in 2024.  Overall, this has led to Flexonics revenue
reducing 2% year-on-year.

Outlook

Overall, the Board anticipates good growth for the Group in 2024 in line with
its expectations.

The Group's diversified position across key civil and defence aircraft
platforms and increasing aircraft build rates is expected to drive good growth
in Aerospace Division revenue through 2024.  Regarding the 737 MAX, we have
agreed sensible schedules with Boeing and other customers that take into
account ongoing production demand, and current customer inventory levels.  We
have mitigated the impact of lower 737 MAX production with growth in other
business.

For the full year we still expect to maintain good performance in Flexonics.
Robust demand in our downstream oil & gas business is helping to offset
the ongoing rebalancing of inventory by our upstream oil & gas customers
and the normalisation to more typical levels of land vehicle market demand.

Further information

 Bindi Foyle            Group Finance Director, Senior plc         +44 (0) 1923 714 725
 Tom Bindloss           Head of Treasury / Interim IR, Senior plc  +44 (0) 1923 714 743
 Richard Webster-Smith  FGS Global                                 +44 (0) 7796 708 551

About Senior

Senior is a FTSE 250 international engineering and manufacturing Group with
operations in 12 countries.  It is listed on the main market of the London
Stock Exchange (symbol SNR).  Senior's Purpose is "we help engineer the
transition to a sustainable world for the benefit of all our stakeholders".
Senior designs and manufactures high technology components and systems for the
principal original equipment producers in the worldwide aerospace &
defence, land vehicle and power & energy markets.  Further information on
Senior plc may be found at: www.seniorplc.com (http://www.seniorplc.com)

Cautionary Statement

This Trading Update contains certain forward-looking statements.  Such
statements are made by the Directors in good faith based on the information
available to them at the time of their approval of this Trading Update and
they should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such
forward-looking information.

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