Senior Plc H1 Results and Takeover Update
Senior Plc, the British aerospace and industrial components maker, announced that its first‑half adjusted profit before tax climbed to £34.8 million, representing a 38% rise from £25.3 million in the same period a year earlier. Group revenue increased to £390.8 million, driven primarily by a 13% constant‑currency growth in the Aerospace division, which generated £231.4 million in revenue and posted an adjusted operating profit of £30.3 million, lifting the divisional margin to 13.1%. The Flexonics division recorded revenue of £160.2 million; after excluding the China joint venture, its adjusted operating profit was £18.2 million.
Adjusted operating profit for the group reached £39.1 million, delivering an adjusted operating margin of 10%, and adjusted diluted earnings per share were 6.46 pence. On a reported basis, Senior posted a loss before tax of £5.6 million, compared with a profit of £22.8 million a year earlier, primarily due to £38.9 million in adviser and employee‑related remuneration costs linked to the Zeus UK Bidco acquisition, of which £34.7 million is contingent on the deal’s completion.
Group Chief Executive David Squires said the company “performed very strongly in the first half of 2026,” and the board now expects the Tinicum‑ and Blackstone‑backed acquisition, structured as a court‑sanctioned scheme of arrangement, to close by the end of 2026 after securing regulatory approvals in ten of the twelve required jurisdictions. The scheme was approved by 99.7% of Senior shareholders on 26 May. No interim dividend was declared and the board confirmed that no return of value to shareholders will be made before the transaction completes.
Free cash flow from continuing operations rose to £16.3 million from £10.6 million a year earlier. Net debt, excluding capitalised leases, stood at £89.4 million at 30 June, resulting in a net‑debt‑to‑EBITDA leverage of 0.9×. The book‑to‑bill ratio for the period was 1.23. The company left its full‑year guidance unchanged from the July post‑close update.