Number Cruncher

February 26, 2013 2:26 am

Senior upbeat as figures rise

The boom in commercial aviation has boosted full year figures at Senior, prompting the British maker of engineering components to forecast further improvement in 2013.

The FTSE 250 company’s aerospace division – which manufactures aircraft parts such as wing components, air conditioning ducts and fluid pipes – increased sales 23 per cent year on year to £470.5m.

Senior’s aerospace arm earns two-thirds of its total revenues, having been bolstered by the recent acquisitions of US component maker Damar and Weston EU, a producer of turbine blades for aero-engines.

The decision to target commercial aircraft makers has proved a canny one, given the heightened pressures on governments to cut military budgets.

The group’s other unit, Flexonics, makes high-tech parts for passenger car and truck engines, as well as industrial components for emission controls.

Trading on a forward price/earnings ratio of 13, Senior’s shares are on par with Cobham, and cheaper than Meggitt’s 18, and are worth considering.

Year to December 31 % change
Sales £729.8m 14
Pre-tax profit £86.7m 19
EPS 16.69p 26
Dividend 4.65p 22

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