Senior PLC on Monday said the sale of its Aerostructures business it at an ‘advanced stage’ as it delivered results in line with its expectations.

Chief Executive David Squires said there is ‘good buyer interest’ in the unit, and Senior is holding talks with a ‘small number of parties, and negotiations are progressing positively.’

‘We are focused on completing the sale process and maximising value for shareholders and will update the market in due course. This is in line with our strategy to position Senior as the leading pure play fluid conveyance and thermal management business.’

The sale of the division was first floated by the company in 2019.

The news came as the Rickmansworth, England-based engineer said pretax profit jumped 22% to £27.8 million in 2024 from £22.8 million in 2023. Adjusted operating profit increased 1.5% to £46.5 million from £45.8 million at an unchanged adjusted operating profit margin of 4.8%.

Revenue rose 1.4% to £977.1 million in 2024 from £963.5 million in 2023.

A final dividend of 1.65 pence per share was declared, bringing the full year payout to 2.40p in 2024, up 4.3% from 2.30p in 2023.

Senior said Aerospace revenue and profit grew, despite problems at Boeing Co, which affected production volumes. Flexonics, delivered double-digit margins, albeit revenue and profit were slightly lower than 2024 as anticipated.

Looking ahead, Senior anticipates good growth, in line with its expectations.

Increasing aircraft build rates, operational efficiency benefits and improved contract pricing are expected to drive good growth in Aerospace in 2025, with second half performance expected to be higher than the first.

For 2025, Aerostructures is expected to improve from a loss making position in 2024 to an operating profit range of £9 million to £11 million in 2025, with the large majority of that being earned in the second half.

Flexonics performance in 2025 is expected to be broadly similar to 2024.

Shares in Senior were down 0.1% at 161.40p each in London on Monday morning.

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