Group Highlights
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A healthy set of results delivering continued growth |
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Adjusted profit before tax of £102.6m, 5% ahead of prior year (11% on a constant currency basis) |
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Strong organic growth in large commercial aerospace and North American heavy trucks |
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Good cash flows resulted in a prudent level of net debt, after funding the Upeca acquisition |
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Upeca brings new capabilities and geographic exposure to the Group |
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Full year dividend proposed to increase by 10% |
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New CEO, David Squires, appointed and joining Senior on 1st May 2015 |
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Group outlook remains encouraging |
Commenting on the results, Mark Rollins, Chief Executive of Senior plc, said:
"2014 was another year of healthy progress. Adjusted profit before tax increased by 5% and adjusted earnings per share by 4%, largely driven by organic revenue growth in large commercial aerospace, a good performance from the Flexonics Division and the first contribution from Upeca, which was acquired in April 2014. Continued positive operating cash flows resulted in a net debt to EBITDA ratio of 0.8 times at year-end, leaving the Group well placed for future organic and acquisitive growth. This strong financial position, combined with a healthy outlook for the Group's most important market sector, large commercial aircraft, gives the Board the confidence to recommend a 10% increase in the full year dividend for 2014."
