Group Highlights
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Robust underlying end market demand in both the Aerospace and Flexonics Divisions |
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A third consecutive year of record Group operating margins, now 13.9% |
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Adjusted profit before tax of £91.1m, 17% ahead of the prior year |
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Strong cash flows resulting in a continued prudent level of net debt |
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Excellent performance from Weston in first full year of ownership |
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GAMFG acquisition expands strategic customer base and precision machining capabilities in Flexonics |
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Portfolio optimisation and Flexonics margin enhancement via disposal of Senior Hargreaves |
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Full year dividend proposed to increase by 22%, in line with the growth in adjusted EPS |
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Group outlook remains encouraging |
Commenting on the results, Mark Rollins, Group Chief Executive of Senior plc, said:
"2012 saw Senior deliver another year of record results. Adjusted profit before tax increased by 17% and adjusted earnings per share by 22%, driven by revenue growth and a strong first year's performance from the recently acquired Weston business. Continued healthy operating cash flows resulted in a net debt to EBITDA ratio of only 0.6 times at year-end, leaving the Group well placed to fund future organic and acquisitive growth. Trading has been in line with expectations since the start of 2013 and this, combined with healthy longer-term prospects for the Group, gives the Board the confidence to recommend a 22% increase in the full year dividend for 2012, in line with the increase in adjusted earnings per share."
