Senior (SNR, Financial), a British engineering company and supplier to Boeing and Airbus, saw its shares fall by 18.3% to 120 pence. This marks the lowest level since December 2022 and the largest single-day drop since August 2020.
The decline follows an announcement from Senior regarding measures to handle ongoing strikes in Boeing's commercial aircraft division and supply chain issues faced by Airbus. The company plans to implement furloughs and layoffs as a response to these challenges.
In a statement, Senior emphasized the uncertainty of the overall impact on the business from these affected projects. However, they are taking decisive actions to control costs and preserve cash.
