logo-loader
viewSenior Plc

Senior raises profits guidance after strong performance in November and December

The outperformance was driven by a good performance in November and December

Tax cuts
Tax windfalls have given the engineer a boost

Engineering group Senior PLC (LON:SNR) had two bits of good news on Wednesday morning: raised profits guidance and some tax windfalls.

The shares were up 4.9% at 281.2p in mid-morning trading after the company said trading in 2017 had been slightly ahead of previous expectations, thanks to a strong finish to the year.

Tax reform broadly neutral in medium term

The group said it expects to benefit from a one-off reduction in the effective tax rate for 2017 to 17.5%, versus previous expectations of 20%. The lower tax rate should result in a concomitant boost to earnings per share.

The effective tax rate for this year is expected to revert to previous levels.

Across the pond, the much-ballyhooed Tax Cuts and Jobs Act, which will reduce US Federal corporate tax to 21%, should result in a one-off non-cash tax credit for 2017, though over the medium term, the effect of the US tax reform should be broadly neutral for the group.

Quick facts: Senior Plc

Price: 181.8 GBX

LSE:SNR
Market: LSE
Market Cap: £7.49 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

Full interview: Heritage Cannabis signs one-year deal with James E Wagner...

Heritage Cannabis (CSE: CANN) CEO Clint Sharples and James E Wagner Cultivation CEO Nathan Woodworth joined Steve Darling from Proactive to discuss their one year contract to work together to fill and pack a line of vape pen cartridges for the Canadian recreational and medical markets. Both...

1 hour, 16 minutes ago

RNS

Trading Statement

6 days, 11 hours ago

Holding(s) in Company

2 weeks, 6 days ago

Holding(s) in Company

on 10/02/2019

Holding(s) in Company

on 09/16/2019

Holding(s) in Company

on 09/13/2019

Holding(s) in Company

on 09/11/2019

2 min read