‘Our aerospace revenue and profits have grown, notwithstanding the well-documented situation at Boeing, which affected production volumes’
Manufacturing giant Senior has reported a surge in sales for its aerospace sector, attributing the boost to increased prices, a rise in flight demand, and an uptick in production following the resolution of Boeing’s strike action stateside.
The UK-based company, headquartered in Rickmansworth, Hertfordshire, announced last year that it would be downsizing its global workforce as part of a cost-cutting strategy. Despite facing challenges throughout the year, the firm’s aerospace division saw revenues leap by 10% in 2024 compared to the previous year, reflecting an increase in aircraft production.
Senior, a producer of high-tech parts for both civil and military aircraft as well as vehicle components, was impacted by industrial action at Boeing’s US factories, which led to a three-month production halt and limited production of 737 MAX planes after a door plug was ejected from an Alaska Airlines flight early in 2024. However, the company noted that Boeing has started to “ramp up” production since resuming operations in December.
The firm also highlighted signs of improvement in Airbus production following supply chain issues that caused delivery delays of commercial planes. Senior anticipates that securing higher contract prices and the accelerating pace of aircraft construction will continue to fuel growth in the coming year.
Group CEO David Squires commented: “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 had previously announced that it was implementing permanent job cuts and temporarily furloughing staff due to challenging conditions in its aerospace division, but did not reveal the number of employees impacted. The firm, which also deals in military aircraft through its defence sector, disclosed a pre-tax profit of £27.8m for 2024, a 27% increase from 2023 when measured at constant currency.
Overall revenues saw a slight rise of 1% to £977.1m for the year.
