Senior Engineering is expecting to turn in a ‘robust performance’ this year after recording a 14.8% rise in pre-tax profits for 1998 to £49.5m.
Group chairman Alan Watkins credited the growth to Senior’s geographical diversity and an increasing range of products.
Turnover grew 7.6% to £509.6m, partly due to the group’s Flexonics division, which bumped up sales by 9.9%. Changes in US legislation targeted at light trucks should boost sales of flexible exhaust hoses. Flexonics has also signed a deal to supply air tubes to GM in the second half of the year.
In aerospace the largest part of Flexonics following the £33.2m acquisition of Jet Products sales jumped 29.9% to £107.2m. Specialised industrial, previously Flexonics’ core business, pushed sales up by 8.5% to £104.3m.
‘I think the company will certainly grow in 1999,’ said one analyst. ‘The company bought Jet in the US in November 1998 and so there’s a full year’s results to be gained from that.’
‘The effect of last year’s GM strike on automotive results was fairly small,’ he added. ‘Flexonics managed to boost volumes enough to maintain its sales. But in 1999 it will have to get more products out with more diversity.’