February 25, 2013 / 7:21 AM / in 5 years

Senior Plc adjusted pretax profit rises on stronger aerospace business

Feb 25 (Reuters) - Engineering component manufacturer Senior Plc said full-year adjusted pretax profit grew 17 percent, helped by a jump in commercial aircraft part orders at its core aerospace business.

The company, which supplies wall panels and ducting to planemakers such as Boeing Co and Airbus, said its adjusted pretax profit rose to 91.1 million pounds ($139.1 million) in 2012, from 78 million pounds a year earlier.

Senior said though Boeing has temporarily stopped delivering its 787 Dreamliner to customers, it is still making the aircraft and intends to double its production rate to ten 787s per month by early 2014. Boeing accounted for 16 percent of Senior’s aerospace sales last year.

Revenue grew 14 percent to 729.8 million pounds.

Sales at the aerospace business grew 23 percent to 470.5 million pounds.

Commercial planemakers have seen a surge in orders in the last year, helped mainly by demand from Asia and other emerging markets.

Aircraft companies such as Boeing and Airbus have scrambled to fulfil a backlog stretching over several years, guaranteeing component makers a steady stream of orders.

Revenue at Senior’s auto parts business grew 5 percent to 242 million pounds, boosted by its acquisition of GAMFG Precision in November 2012 and its truck parts sales in North America.

Senior’s shares, which have gained 10 percent value in the last year, closed at 221.3 pence on the London Stock Exchange on Friday.

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