Aerospace giant Senior shrugs off Boeing strikes as production ‘ramps up'
Manufacturing giant Senior said sales have picked up for its aerospace division thanks to higher prices, demand for flights, and production improving following Boeing's strike action in the US.
The UK firm, which is based in Rickmansworth, Hertfordshire, said last year that it was cutting its global workforce to help reduce costs.
Revenues for its aerospace division jumped by a 10th in 2024, compared with the previous year, which it said reflected greater production of aircraft despite being hampered by issues during the year.
Senior makes high-technology parts for civil and military aircraft, and also components for vehicles.
The company was hit by industrial action among staff working for Boeing's factories in the US, which halted production for three months, as well as restricted production of 737 MAX planes after a door plug blew out of an Alaska Airlines flight in early 2024.
But it said Boeing has begun to 'ramp up' production since restarting operations in December.
It also pointed to some signs of improvement in the production of Airbus since supply chain issues led to delayed deliveries of the commercial planes.
Senior said securing higher prices for contracts and the increasing rate of aircraft building will continue to drive growth over the year ahead.
Group chief executive David Squires said: 'Our aerospace revenue and profits have grown, notwithstanding the well-documented situation at Boeing, which affected production volumes.
'We responded dynamically, supporting our customers and controlling our costs, to limit the impact on aerospace profitability in 2024.'
Senior previously said it was making permanent job cuts and furloughing staff on a temporary basis in response to difficult trading in its aerospace arm, although it did not disclose how many workers would be affected.
The company, which also sells military aircraft within its defence division, reported a pre-tax profit of £27.8 million for 2024, up 27% from 2023 at constant currency.
Total revenues edged up 1% to £977.1 million for the year.
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