Business
Post-close Market Update
Post-close Market Update.
About this update from Senior Plc
[{"type":"text","content":"\n \n \n RNS Number : 6007S\n Senior PLC\n 10 July 2020\n \n \n \n \n 10 July 2020\n \n \n \n \n \n Senior plc: Post-close market update - \n \n Robust cash performance in the period\n \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 following the close of the six-month financial period ending 30 June 2020.\n \n \n Summary\n \n \n \n \n \n ●\n \n \n \n \n Robust cash performance in the period. Generated £3m net cash inflow in the face of significant disruption to our end markets\n \n \n \n \n \n \n ●\n \n \n \n \n Net debt expected to be £239m at 30 June 2020, with £162m headroom on our committed borrowing facilities, an improvement of £3m from 31 December 2019\n \n \n \n \n \n \n ●\n \n \n \n \n All our manufacturing sites are operational with appropriate health and safety measures in place\n \n \n \n \n \n \n ●\n \n \n \n \n The FAA and Boeing commenced formal 737 MAX certification tests on 29 June 2020\n \n \n \n \n \n Liquidity\n \n \n As well as delivering a robust operating cash flow performance in H1 2020 we have increased our financial flexibility, with appropriate covenant relaxations from all of our lenders in relation to the June and December 2020 testing periods and confirmed eligibility for the Bank of England's Covid Corporate Financing Facility.\n \n \n The Group continues to undertake extensive scenario testing for 2020 based on a variety of end market assumptions and, under all scenarios tested, the Group has sufficient liquidity under its existing committed facilities.\n \n \n Trading update\n \n \n In our Market Update on 24 April 2020, we reported that trading for the three months ended 31 March 2020 was slightly ahead of our expectations coming into the year, despite the tangible impact of the Coronavirus (COVID-19) during March. As expected, in the second quarter that impact was more pronounced with aviation, land vehicle and power and energy markets severely affected. As a result, activity significantly slowed across both our Aerospace and Flexonics Divisions, as customers temporarily closed their facilities and lowered production rates.\n \n \n We now expect Group revenue ...