LONDON (dpa-AFX) - Senior plc (SNR.L) issued a trading update for the nine-month period ended September 2020, For the period, in Aerospace, sales were 36% lower than prior year on a constant currency basis. On a quarterly basis, Aerospace sales declined 22% in the first quarter, 40% in the second quarter and 45% in the third quarter, year-on-year.
The Group has decided to to close its Senior Aerospace Bosman operating business in the Netherlands in 2021 and relocate production to Aerospace facilities in France. As a result, the Group now expects the total restructuring charge for fiscal 2020 to be around 37 million pounds. The second half 2020 charge is expected to be 14 million pounds higher than stated at the time of the Interim Results.
David Squires, Group Chief Executive of Senior plc said: 'We may yet see some short-term changes in customer requirements due to COVID-19 which could impact fourth quarter 2020, however, overall, the Board's current expectations for 2020 are broadly in line with market expectations.'
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