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Senior PLC - Hertfordshire-based engineering firm - For 2021, swings to pretax profit of GBP23.7 million from loss of GBP191.8 million the year before, mainly due to a goodwill impairment and write off in 2020 which came up to GBP134.3 million, which reflected the significant effect of the Covid-19 pandemic on the civil aerospace sector.
On an adjusted basis, Senior's pretax loss narrows to GBP1.9 million from GBP6.2 million.
Operating profit was GBP10.5 million, swinging from a loss of GBP177.3 million the prior year, despite revenue dropping 10% year-on-year to GBP658.7 million from GBP733.6 million, driven by a weaker performance from the Aerospace division, through a decline in civil aircraft production rates.
This more than offsets growth from Flexonics, which stemmed from higher land vehicle sales amid a market recovery.
Senior will not declare a final dividend for 2021, due to being a year still affected by the pandemic despite an improved performance. Expects to resume payouts in 2022.
Looking ahead, Senior notes recovery in core markets, and anticipates good progress in 2022, in line with prior expectations.
"We have delivered a robust set of results in what was another very challenging year for our industry. We improved profitability, generated good free cashflow, won important new contracts and continued to make good progress on our sustainability goals, maintaining our sector leading position. That we were able to do so, while navigating through the impact of pandemic waves, was down to the skill, application and commitment of our leadership teams and colleagues around the world," said Chief Executive Officer David Squires.
Current stock price: 139.30 pence
12-month change: up 29%
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