Senior shares up despite profit plunge

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Senior shares up despite profit plunge
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The price of shares in FTSE 250 engineering firm Senior (LON:SNR) climbed 2.41% to 144.60p (as of 12:05 GMT) after it posted its final results for 2019. Revenues for the year were up by 3%, but pre-tax profits sank by 55%.

CEO David Squires commented: “Senior delivered robust full year results for 2019 with adjusted earnings per share growth and a strong free cash flow performance. This result has been achieved in a period where the business has faced challenges caused by the grounding of the Boeing 737 MAX fleet. It is clear that our performance in 2020 will continue to be affected by the 737 MAX situation and the Company is taking all necessary actions to mitigate the impact.

“We are closely monitoring the development of the coronavirus (COVID-19), including the potential impact of any macroeconomic disruption on our end markets, our supply chain and those of our customers.

“However, we entered 2020 with a robust balance sheet and a continued focus on cost, efficiency and cash generation. We are taking firm actions to restructure the business and have every confidence in returning to growth in 2021“.

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