logo-loader
viewSenior PLC

Senior running out of steam as road and oil & gas markets stutter

Shares lost around one-sixth of their value as the company warned hard times for its Flexonics division would hit full-year results

Truck
The weaker weaker truck and off-highway market is taking its toll

Engineer Senior PLC (LON:SNR) slumped 16% in early deals on the back of a profit warning.

“Whilst the board anticipates some improvement in the fourth quarter over the third quarter, the group's performance for the full year 2016 is expected to be lower than previously anticipated,” it told investors.

Adjusted profit before tax in the first nine months of 2017 fell 18% to £58.6mln from £71.6mln the year before.

Underlying group revenue from organic operations was down 4% on a constant currency basis as growth from the Aerospace Division (up 2%) was offset by lower Flexonics revenue (down 18%) due to weaker truck and off-highway, and oil and gas markets.

The group said that despite the challenging markets in which it operated, the Flexonics division, which makes engine & exhaust flex tubes & bellows, had continued to secure positions on new programmes and platforms, which bodes well for when markets recover.

Quick facts: Senior PLC

Price: 59.3 GBX

LSE:SNR
Market: LSE
Market Cap: £248.71 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Protech Home Medical has a full treasury as they look for rapid growth in...

Protech Home Medical (CVE: PTQ- OTCQX: PTQQF) CEO Greg Crawford joined Steve Darling from Proactive to discuss the home medical equipment industry company. That company provides devices like ventilators and oxygen concentrators. Crawford told Proactive the company just completed a large...

2 days, 5 hours ago

2 min read