2023-01-24 22:44:51

MARKET REPORT: Senior shares rocket as aerospace bounces back

Logo Daily Mail
Daily Mail
By John Abiona

Shares in engineering group Senior stormed higher as it sounded a positive note on profit.

The group, which rejoined the FTSE 250 this month and supplies products for the likes of Airbus, Boeing and Rolls-Royce, said profits for 2022 should be above the top end of the range of consensus expectations.

Analysts had pencilled in a range of 16.2million to 18million.

Senior has benefited from a strong performance in its flexonics division which saw a surge in demand among the heavy duty truck and power and energy markets.

The groups aerospace division also traded well, with City broker Jefferies highlighting how it sees a significant recovery potential across both businesses. Shares surged 7.5 per cent, or 10.2p, to 146.6p.

Rolls-Royce, meanwhile, gained 3 per cent, or 3.2p, to 111.4p after Exane BNP Paribas raised the jet engine makers rating to neutral from underperform.

The group also renewed its agreement to supply engines to the British luxury yacht manufacturer Sunseeker until at least 2025.

Continue read on dailymail.co.uk

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