Half Year 2024 Senior PLC Earnings Call Transcript
Key Points
- Senior PLC (SNIRF) delivered a robust trading performance with revenue, profit, and margins all growing year on year.
- Aerospace revenue increased by 14%, with civil aerospace sales showing the strongest growth at 18%.
- The Flexonics division maintained double-digit margins despite a 6% decrease in revenue.
- The order book is robust and growing, with a book-to-bill ratio of 1.15 and notable contract wins in both divisions.
- The Board recommended a 25% increase in the interim dividend, reflecting confidence in the company's future prospects.
- 737 MAX volumes remained subdued, impacting overall aerospace performance.
- Net debt increased to GBP156 million, reflecting payments for acquisitions, dividends, and share purchases.
- Revenue from power and energy markets decreased by 10%, with significant destocking by upstream oil and gas customers.
- The Flexonics division saw a decrease in land vehicle revenue by 2.9% due to market normalization.
- Net borrowing costs increased by GBP1.3 million due to higher interest rates and levels of average indebtedness.
Good morning and welcome to Senior plc's 2024 interim results presentation. Thanks for making the effort to get here to the London Stock Exchange and a warm welcome too for those of you joining remotely.
In terms of our agenda this morning, I will briefly cover the highlights, Bindi will run through and comment on the results and then I will give an update on markets, strategy, and outlook. So Senior has delivered a robust set of results that are in line with our expectations. Our aerospace revenue and profits have grown strongly notwithstanding the 737 MAX volumes being subdued as a consequence of the ongoing situation at Boeing.
Our Flexonics division continued to perform well, maintaining double-digit margins even while, as expected, revenues and profits were lower as land vehicle markets started to normalize and upstream oil and gas customers reduced inventory levels. The order book is robust and growing. Our book-to-bill was a healthy 1.15 and we've had some notable contract wins in both the aerospace and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
