Britain’s Senior on Monday reported a surge in its profit for the first half of the year, as plane makers increased production to satisfy air travel demand boom.
Strong demand in the company’s flexonics business has offset weaker performance in aerospace due to supply chain issues.
The auto and aircraft parts supplier reported profit before tax at GBP 13.5 million for the six months ending June 30th, up from GBP 11.1 million in the same period a year ago.
Excluding special items, the company’s profit came in at GBP 17.6 million on a constant currency basis, up 87% year-on-year.
“Planned aircraft build rate increases should lead to higher sales in H2 with supply chain challenges enduring but anticipated to be less severe towards the end of the year,” Senior, which supplies equipment to Boeing and Airbus, said in a statement.
The shares of Senior PLC (SNR) were last losing 2.35% (4.01 pence) to trade at 166.39 pence in London on Monday, while extending the loss from the previous market session.
The British engineering company’s total market cap now stands at GBP 723.451 million.
The shares of Senior PLC have risen 32.90% so far this year.
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