LONDON (dpa-AFX) - Senior plc (SNR.L), on Friday, reported that trading for the six months period ended June 2021 has been ahead of management expectations.
The company noted that its cash performance has been robust with a net cash inflow of £61 million. Net debt at the end of June 2021 is expected to be around £71 million, with headroom on the company's committed borrowing facilities increasing by £58 million since December 2020 to £215 million.
Looking ahead, the company said it expects production volumes for civil aerospace to be lower in 2021 than 2020 based on the production rates that the aircraft and engine OEMs have announced. Defence markets are anticipated to remain stable, while in power & energy markets, recovery in the oil & gas sector is likely to be at the end of 2021/start of 2022.
Despite the well-publicised headwinds associated with freight and commodity costs; semiconductor supply chain challenges for our land vehicle customers; as well as the divestment of the company's Senior Aerospace Connecticut business, Senior plc now expects overall Group performance for 2021 to be slightly ahead of its previous expectations.
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