About Senior Aerospace Jet Products Corp.
Senior plc is a UK-based manufacturer of technical components for handling gases and liquids, comprising two divisions. Its larger division, Aerospace, manufactures non-metallic air and hydraulic systems, aero-engines, and aerostructures for military, commercial, regional, and business jet aircraft. Major OEM customers include Boeing, Spirit, Cummins, and Caterpillar. The smaller division, Flexonics, makes flexible components for vehicle exhaust and emissions control systems. Senior's Aerospace division serves the Fluid Conveyance Systems, Gas Turbine Engines, and Structures sectors and Flexonics serves Land Vehicle Emission Control and Industrial Process Control sectors. Senior operates approximately 30 businesses in about 15 countries. The US is its biggest market.
Senior designs, manufactures, and markets highly engineered, technology rich components and systems for principal original equipment producers in the worldwide market. The company generates more than 40% of total sales from structures, about 35% from fluid systems, almost 15% from power and energy, and over 10% from land vehicles.
Senior mostly generates its revenue from the US with approximately 50% of total, followed by the UK with some 15%, and the rest of the world with around 35%. Headquartered in Hertfordshire, the company also has businesses in China, India, Malaysia, and Thailand.
Sales and Marketing
Senior primarily serves principal original equipment producers in the worldwide aerospace, defence, land vehicle, and power & energy markets. The company's customers in its Aerospace division include Rolls-Royce, UTC, Lockheed, Airbus, Bombardier, and GKN, while customers in its Flexonics division are Daimler, Ford, Faurecia, Renault, Sclumberger, and Emerson.
Note: Growth rates may differ after conversion to US Dollars.
Senior's revenue was £1.11 billion in 2019 compared to £1.08 billion in the prior year. Senior revenue increased by £14.7 million (1%) with revenue growth in Aerospace and lower revenue from Flexonics year-on-year. Group order intake in 2019 was encouraging, with a book-to-bill of 1.05x. The revenue increase in the Aerospace Division was driven by growth in both civil aerospace and defense markets. Senior was able to mitigate some of the 737 MAX revenue impact through stronger sales on other civil and military program.
Adjusted operating profit decreased by £2.2 million (2%) to £89.4 million (2018 – £91.6 million). Excluding the favorable exchange rate impact of £3.8 million, adjusted operating profit decreased by 6% on a constant currency basis.
Cash held by the company at the end of 2019 decreased to £15.1 million compared to £17 million in the prior year. Cash provided by operations was £115.9 million while cash used for investing and financing activities were £68.7 million and £48.5 million, respectively. Main uses for cash were repayment of borrowings and purchases of property, plant and equipment.
Senior is focused on delivering improved returns for shareholders and is targeting a pre-tax ROCE in excess of 14% over the medium term on a post IFRS 16 basis. Senior benefits from its balance between Aerospace and Flexonics, drawing on shared technology and intellectual property in its fluid conveyance and thermal management businesses.
Senior is making good progress against its six strategic priorities which were identified as key elements of its business model, underpinning the continued delivery of improved shareholder value: enhance senior's autonomous and Collaborative business model; focus on growth; introduce a high performance operating system; competitive cost country strategy; considered and effective capital deployment; and talent development.
Technology development of the company's composite thermoplastic aerospace ducting product, RT2, has progressed well over the past year as it has advanced composite and component complexity and transitioned from development to production activities. Senior expect product qualification of the first shipset with the launch customer during 2020, with series production ramping up thereafter.
9106 Balboa Ave
San Diego, CA 92123-1512
Phone: 1 (858) 278-8400
Employer Type: Privately Owned
Director Of Control: Mario Matos
Cio: Tony Nguyen
Administrator: Francoise Pierquin
Employees (This Location): 142
Employees (All Locations): 223
San Diego, CA
San Diego, CA