Business
FY20 Post-close Market Update
FY20 Post-close Market Update.
About this update from Senior Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6141L\n Senior PLC\n 14 January 2021\n \n \n \n \n 14 January\n 2021\n \n \n Senior plc: FY20 Post-close Market Update\n \n \n Senior plc (\"Senior\" or the \"Group\"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defence, land vehicle and power & energy markets, today issues this market update for the year ended 31 December 2020 (the \"Period\").\n \n \n Key Points\n \n \n \n \n \n \n · \n \n \n \n \n Q4 performance was slightly ahead of the Board's previous expectations\n \n \n \n \n \n \n · \n \n \n \n \n Strong cash inflow helped reduce net debt (including IFRS 16 leases) by approximately £23m\n \n \n \n \n \n \n · \n \n \n \n \n There is no change to our view of end market dynamics since our November 2020 trading update\n \n \n \n \n \n \n Trading update\n \n \n Q4 performance was slightly ahead of the Board's previous expectations, although the lower level of activity first seen in Q2 2020, due to the impact of COVID-19 on some of our key end markets, persisted for the remainder of 2020. For the full year 2020, subject to audit, revenue is likely to be around £733m and we anticipate the adjusted loss before tax(1) to be slightly better than previous expectations.\n \n \n In Aerospace, sales are expected to be around 37% lower year-on-year on a constant currency basis which reflects the impact of COVID-19 and the 737 MAX situation. On a quarterly basis, Aerospace sales declined 22% in Q1, 40% in Q2, 45% in Q3 and around 39% in Q4 year-on-year. On a sequential basis, Aerospace sales in Q4 improved by around 11% relative to Q3 as civil aerospace sales stabilised and Aerospace Division sales to other end markets (space and semi-conductor equipment) improved.\n \n \n In Flexonics, sales are expected to be around 24% lower year-on-year on a constant currency basis. On a quarterly basis, Flexonics sales declined 23% in Q1, 33% in Q2, 25% in Q3 and around 13% in Q4 year-on-year. On a sequential basis, Flexonics sales in Q4 were around 10% above Q3. The performance in Q4 benefited from the partial recovery in the heavy-duty truck and passenger vehicle markets.\n \n \n There is no change to our view of end market dynamics in 2021 since our Q3 Trading Update on 3 November 2020. Given t...