Slide 1: Full Year Results 2024
2024 Full Year Results Trading in line with revised expectations, enhanced by a strong cash performance Full Year Results 2024
Slide 2: Agenda and Cautionary Statement
AGENDA Introduction David Squires CEO 2024 Full Year Results Bindi Foyle FD Outlook David Squires CEO Cautionary Statement This document has been prepared solely to provide additional information to enable shareholders to assess the Group’s strategy and business objectives and the potential for the
Slide 3: Highlights
HIGHLIGHTS Sale process of Aerostructures at an advanced stage Group sales up 4%(1) and adjusted operating profit up 5% yoy(1) Group free cash flow of £17.3m, up 12% Book-to-bill 1.12 underpinning confidence in future growth Notable contract wins in both Aerospace and Flexonics divisions
Slide 4: Continued Progress Made on Sustainability
CONTINUED PROGRESS MADE ON SUSTAINABILITY E S G Awarded ‘A’ leadership score Undertook a Global Employee Deployed an enhanced Group Anti Fraud by CDP for disclosure and Engagement Survey in May of 2024 and Policy action on climate change for 2024 were pleased to see improvements in Carried o
Slide 5: Full Year Results
2024 Full Year Results Full Year Results 2024
Slide 6: Financial Headlines
FINANCIAL HEADLINES 2024 2023 Change Constant currency Book to bill ratio 1.12 1.14 Revenue £977.1m £963.5m +1% +4% Adjusted Operating Profit £46.5m £45.8m +2% +5% Adjusted Operating Margin 4.8% 4.8% nil bps +10bps Adjusted Profit before Tax £33.0m £38.3m -14% -11% Adjusted Earnings per Share 7.17p
Slide 7: 2024 Revenue Bridge
2024 REVENUE BRIDGE £m 1,050 59.4 (19.8) 1,000 $1.28 (23: $1.24) (0.5) 977.1 963.5 (25.5) 950 900 2023 Exchange Aerospace Flexonics Eliminations 2024 Revenue Reconciliation £m Revenue Reconciliation £m Aerospace (1) Flexonics (1) 2023 revenue 601.4 2023 revenue 337.5 Civil aerospace 46.6 Land vehicl
Slide 8: 2024 Adjusted Operating Profit Bridge
2024 ADJUSTED OPERATING PROFIT(2) BRIDGE £m 60 $1.28 (23: $1.24) 50 3.8 (1.1) 0.3 (0.7) 45.8 (1.6) 46.5 40 30 20 10 - 2023 Exchange Aerospace Flexonics Share of JV Central Costs 2024 Aerospace (1) 2024 2023 Change Flexonics (1) 2024 2023 Change £m £m £m £m Revenue 660.8 601.4 +9.9% Revenue 317.7 337
Slide 9: Adjusted and Reported Profit
ADJUSTED AND REPORTED PROFIT 2024 2023 £m £m Adjusted operating profit 46.5 45.8 Net finance costs – borrowings, cash (12.1) (10.2) – interest unwind on uncertain tax positions - 3.5 – lease liabilities (IFRS 16) (3.4) (2.9) – retirement benefits 2.0 2.1 Adjusted profit before tax 33.0 38.3 Tax – Ta
Slide 10: Cash Flow Generation and Uses of Cash
CASH FLOW GENERATION AND USES OF CASH £m Change in Net Debt: £m Inventory £(26.6)m Receivables £4.0m Net cash outflow (9.8) Payables & other £5.6m Lease liabilities – additions and (12.9) modifications Exchange variations (3.1) Net debt – opening (203.8) Net debt – closing (229.6) (2) (6) (4) (5) (1
Slide 11: Financing Arrangements
FINANCING ARRANGEMENTS Credit facilities and headroom Profile of committed credit facilities £350m £350m Fixed rate £300m £300m Net debt (excluding leases) Dec 2024 - £153.4m Floating rate £250m £250m Headroom Headroom £158.5m £200m £200m £142.4m £150m £150m £100m £100m Net Debt Net Debt £153.4m (1)
Slide 12: Outlook
Outlook Full Year Results 2024
Slide 13: Summary of 2024
SUMMARY OF 2024 • Aerospace revenue and profits grew - notwithstanding the Boeing situation that affected production volumes – with margins increasing by 20 basis points to 4.6% • Ramp up in civil aircraft production rates • Growth in sales to semiconductor equipment customers • Steady growth in the
Slide 14: Group Outlook
GROUP OUTLOOK 2025 • The Board anticipates good growth for the Group in line with its expectations • We are closely monitoring the impact on global trade from potential tariff changes • Good growth in Aerospace in 2025, with H2 performance expected to be higher than H1 • For the full year, Aerostruc
Slide 15: Any Questions?
Any Questions? Full Year Results 2024
Slide 16: Appendices
APPENDICES Full Year Results 2024 Page 16
Slide 17: Attractive End Market Exposure
ATTRACTIVE END MARKET EXPOSURE 32% Flexonics Division Aerospace Division 68% (36%) (64%) Power & Energy Civil Aerospace 13% (15%) 46% 70% 30% Land Vehicle (42%) 19% Single aisle, regional and business jets Wide body (21%) 9% Defence (8%) 13% (14%) Other Aerospace (Adjacent Markets)* End markets comp
Slide 18: Civil Aerospace Market Growth
CIVIL AEROSPACE MARKET GROWTH (46% of Group) Large commercial aircraft Strong structural growth in air Single aisle OEM order Resurgent long-haul travel deliveries decreased by travel; driven by growing books at record levels supporting widebody growth 12% in 2024 due to 737 demand in Asia; supporte
Slide 19: Defence Markets Growing
DEFENCE MARKETS GROWING (13% of Group) Senior’s sales to the Defence Mature programmes such as the Senior is well placed with good sector are primarily focused on C-130J continue in series production content on key growth programmes US military-aircraft programmes such as F-35 and T-7A Red Hawk US d
Slide 20: Other Adjacent Markets
OTHER ADJACENT MARKETS (9% of Group) Senior’s aerospace businesses supply to other markets e.g., space, semiconductor equipment and medical Semiconductor equipment market Our diversification into other attractive end-markets Low earth orbit satellite market Semiconductor equipment SEMI 2024 Mid-En
Slide 21: Land Vehicle Markets Growing Through the Cycle
LAND VEHICLE MARKETS GROWING THROUGH THE CYCLE (19% of Group) Global growth in GDP and tighter Global commercial vehicle market is Senior is supporting the transition to a low emissions regulations increase expected to grow at 2%-3%CAGR carbon economy; providing thermal management demand for Senior’
Slide 22: Power & Energy Markets Growing
POWER & ENERGY MARKETS GROWING (13% of Group) Electricity demand forecast to grow Future additional demand for Nuclear based generation important 4% annually through 2027 energy to be met largely from role to play in achieving Net Zero clean sources targets Demand driven by industrial production, ai
Slide 23: Our Locations
OUR LOCATIONS UK Rickmansworth H.O. FY 2024 split Sales Employees Massachusetts Metal Bellows Crumlin Lymington N. America 58% 2,777 Canada BWT SF Canada Maine (part of UK 17% 1,429 Pathway) Bird Bellows Thermal Rest of Europe 13% 1,005 Wisconsin Weston EU GA Rest of World 12% 1,568 Germany Washingt
Slide 24: Our Customers
OUR CUSTOMERS 32% Flexonics Division Boeing, 8% (9%) Aerospace Division 68% (36%) Other Industrial, 13% (64%) (15%) Rolls-Royce, 8% (6%) Other LV, 8% (8%) Spirit, 7% (7%) Daimler, 3% (3%) Caterpillar, 3% (4%) Airbus, 6% (6%) Cummins, 5% (6%) RTX, 4% (3%) Safran, 3% (3%) MTU, 3% (2%) Lockheed, 2% (2%
Slide 25: Our Products
OUR PRODUCTS 32% Flexonics Division Other machined parts 2% (5%) Aerospace Division 68% (36%) (64%) Industrial flexible parts 11% High Pressure ducting 17% (10%) (16%) Fuel distribution (LV) 1% (1%) Off-highway hydraulics (LV) 2% (3%) Exhaust flexes (LV) 4% (4%) Airframe structural parts 14% (14%) E
Slide 26: Group Evolution
GROUP EVOLUTION Revenue (£m) Adjusted Operating Profit (£m) Adjusted Operating Margin (%) 50 12 1200 45 40 10 1000 35 Total after central costs 8 800 30 Total after central costs 25 6 600 20 400 15 4 10 200 2 5 0 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Aerospac
Slide 27: Balance Sheet
BALANCE SHEET £m Dec 2024 Dec 2023 FX Impact from Dec 2024 Goodwill and other intangible assets 227.5 226.4 £m Investment in JV 3.3 5.1 Non current assets 5.1 Property, plant and equipment 292.1 284.7 Working capital 1.9 Other long-term assets 27.9 21.5 Net debt (3.1) Non current assets, before reti
Slide 28: Usage of Credit Facilities – December 2024
USAGE OF CREDIT FACILITIES – DECEMBER 2024 Usage by Currency Interest Facility Usage £ $ € Other % £m £m US Private placements (1): $25.0m (Feb 2030) 6.26% 20.0 20.0 - 20.0 - - $25.0m (Feb 2030) 6.26% 20.0 20.0 - 20.0 - - $30.0m (Sep 2028) 4.18% 24.0 24.0 - 24.0 - - €28.0m (Feb 2027) 1.51% 23.1 23.1
Slide 29: Aerospace Division
Aerospace Division Full Year Results 2024
Slide 30: Aerospace Division: A Summary
AEROSPACE DIVISION: A SUMMARY 2024 2023(1) Change 14 Operations Revenue £660.8m £601.4m +9.9% NAFTA 6 France 2 Adjusted Operating Profit(2) £30.4m £26.6m +14.3% UK 4 Adjusted Operating Margin(2) 4.6% 4.4% +20bps ROW 2 Markets Customers Boeing 12% Other 12% Other 31% Rolls-Royce 11% Defence 20% Gener
Slide 31: Flexonics Division
Flexonics Division Full Year Results 2024
Slide 32: Flexonics Division: A Summary
FLEXONICS DIVISION: A SUMMARY 2024 2023(1) Change 11 Operations & JV NAFTA 4 Revenue £317.7m £337.5m -5.9% EU 2 Adjusted Operating Profit(2) £35.1m £36.2m -3.0% UK 2 ROW 3 Adjusted Operating Margin(2) 11.0% 10.7% +30bps China JV 1 Other Markets Markets Customers 16% Cummins 16% Other 34% Caterpillar