Senior (SNR) investor relations material

Executive summary

• Strong H1 2025 results with revenue up 5% and adjusted operating profit up 14% in continuing operations, driven by robust demand and operational improvements.

• Binding agreement to sell Aerostructures business for up to £200m, with proceeds to reduce net debt and fund a £40m share buyback; completion expected by year-end.

• Interim dividend increased 13% to 0.85p per share, reflecting confidence in performance and future prospects.

• Sustainability remains a core focus, with continued A ratings from CDP for climate disclosure and supplier engagement.

• Strategy focuses on fluid conveyance and thermal management post-Aerostructures sale.

Financial highlights

• Revenue from continuing operations rose 5% year-over-year to £371.2m; adjusted operating profit up 14% to £31.2m; margin up 60bps to 8.4%.

• Adjusted profit before tax up 10% to £25.3m; adjusted EPS up 8% to 5.07p; reported profit up 35% to £21.0m.

• Free cash flow increased 43% to £10.6m; cash conversion at 66%.

• Interim dividend per share increased 13% to 0.85p.

• Adjusted items included a £40m non-cash impairment for Aerostructures and £4m disposal costs.

Outlook and guidance

• Full-year expectations and outlook for both continuing and discontinued businesses remain unchanged at constant currency.

• Aerospace and Flexonics expected to maintain strong performance; Aerostructures profit guidance £9m–£11m.

• Medium-term targets: double-digit group operating margins, Aerospace margins at least mid-teens, Flexonics 10–12%, ROCE 15–20%, and operating cash conversion >85%.