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, Cummins, Ford, and GM. 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 more than 30 facilities in about 15 countries. The US is its biggest market.
Note: Growth rates may differ after conversion to US Dollars.
Senior's revenue has been growing steadily over the last five years while profits have been consistent.
In 2018 the company's sales grew 6% to £1.1 billion, a new high, thanks to growth in both the Aerospace and Flexonics divisions. Growth in the Aerospace division was led by demand from the large commercial aerospace sector, while Flexonics grew on the back of healthy demand from the truck, off-highway, and power and energy markets, particularly in upstream oil and gas and power generation.
Net income fell 17% in 2018 to £50.1 million due to higher tax burden as Senior booked an £8.1 net tax benefit in 2017 relating to changes in the US tax code. Operating profits were up 7% to £69.9 million due to higher revenue, partially offset by £6.3 million in pension and litigation costs, while gross margins remained stable.
Senior's cash position improved slightly during 2018, ending the year £6.3 million at £17.0 million. The company's operations generated £100.7 million, while its investing activities used £54.9 million and its financing activities used £39.5 million. Senior's main cash uses in 2018 were capex, borrowing repayments, and dividends.
Senior balances its two divisions, Aerospace and Flexonics, finding cost efficiencies by sharing technology and intellectual property. Senior has been investing in its Advanced Additive Manufacturing Center in Burbank, California, and developing its thermal management capabilities to cool batteries in electric vehicles. It also completed the development of a new manufacturing process, RT2i, that produces complex 3D composite parts.
Senior is also quick to realize profitable exits of non-core operations so that it can continue to grow its core business. In February 2019, the company divested its French Flexonics land vehicle business, Senior Flexonics Blois. Blois' served mainly the European passenger vehicle market.
9106 BALBOA AVE
San Diego, CA 92123-1512
Phone: 1 (858) 278-8400
Employer Type: Privately Owned
Cio: Tony Nguyen
Administrative Assistant: Francoise Pierquin
Employees (This Location): 142
Employees (All Locations): 261
San Diego, CA
San Diego, CA