Senior British engineer lifts forecast on recovery in aerospace, oil and gas By Reuters
(Reuters) – UK jets and auto parts supplier Senior Plc on Friday forecast 2021 performance to be slightly better than previous expectations, encouraged by “clear signs of recovery” in the aerospace and petroleum sectors and some gas.
The engineering firm, which supplies equipment to aircraft manufacturers including Boeing (NYSE :), Airbus and the heavy equipment manufacturer caterpillar (NYSE :), said trading in the six months to June had been ahead of management’s expectations and sales were likely to fall 13%.
While the aerospace industry is still reeling from a pandemic, Senior pointed to updates from Airbus and Boeing in recent weeks, saying some production rates improving towards the end of this year. and in 2022 support the increase in its prospects.
Parts suppliers such as Senior are facing a turbulent period, with production cutbacks by automakers due to chip shortages adding to the woes of falling demand from aircraft manufacturers. The industry had already overcome the Boeing 737 MAX crisis https://reut.rs/2Vep6kV since 2019.
The senior, London-listed company also said on Friday it ended the period with net inflows of Â£ 61million ($ 84million), while net debt is expected to be around Â£ 71million.
In recent weeks, the company has successfully fended off a $ 1.2 billion takeover bid from private equity firm Lone Star Global.
($ 1 = 0.7261 pounds)
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