(Sharecast News) – Manufacturing company Senior said on Thursday that its fourth-quarter performance was “slightly ahead” of previous expectations.
While Senior noted its performance for the final quarter of 2020 was better than expected, the group stated it was still at the lower level of activity first seen in the second quarter due to the impact of Covif-19 on some of its key end markets persisting for the remainder of 2020.
For the full year 2020, Senior expects revenue to likely be around £733.0m and anticipates that its adjusted loss before tax will be “slightly better” than previous expectations.
In aerospace, sales are expected to be around 37% lower year-on-year, while flexonics sales were pegged to be roughly 24% weaker.
The FTSE 250-listed firm did highlight that its restructuring programme was “progressing to plan” and “delivering the expected benefits”.
Senior also said it maintained a “relentless and effective focus on cash preservation and liquidity”, with net debt expected to be around £206.0m as of 31 December 2020, comfortably within agreed covenant levels.
As of 0930 GMT, Senior shares were up 3.06% at 92.75p.
