LONDON (dpa-AFX) - Senior Plc (SNR.L) said it now expects group revenue in first half of 2020 to be around 30% lower than H1 2019 and consequently, margins to be significantly lower.
Earlier, the company expected Aerospace revenue in 2020 to be around 20% below 2019 levels as a consequence of Boeing's temporary halt in 737 MAX production and our decision to not renew certain contracts which did not meet Senior Plc's returns requirements.
Meanwhile, the COVID-19 pandemic has also to severe end market disruption and, as a consequence, the company now sees Aerospace sales in H1 2020 to be around 31% lower than H1 2019. On a quarterly constant currency basis, Aerospace sales are expected to have declined 22% in Q1 and 40% in Q2, year-on-year.
Copyright RTT News/dpa-AFX