Senior plc (LON:SNR), an international manufacturer of high technology components and systems, specialising in Fluid Conveyance and Thermal Management, has announced half-year results for the period ended 30 June 2026.
| Financial highlights | Half-Year to 30 June | Change | Change (constant currency) (4) | ||
| Continuing operations (6) (excluding Aerostructures) | 2026 | 2025 | |||
| Revenue | £390.8m | £371.2m | +5% | +7% | |
| Operating profit | £37.7m | £29.0m | +30% | +33% | |
| Adjusted operating profit (1) | £39.1m | £31.2m | +25% | +28% | |
| Adjusted operating margin (1) | 10.0% | 8.4% | +160 bps | +170 bps | |
| (Loss)/profit before tax | £(5.6)m | £22.8m | -125% | -125% | |
| Adjusted profit before tax (1) | £34.8m | £25.3m | +38% | +40% | |
| Basic (loss)/earnings per share | (3.19)p | 5.07p | -163% | ||
| Adjusted earnings per share (1) | 6.46p | 5.07p | +27% | ||
| Interim dividend per share (7) | – | 0.85p | N/A | ||
| Free cash flow (2) | £16.3m | £10.6m | +54% | ||
| Cash conversion (5) | 63% | 66% | -300 bps | ||
| Return on Capital Employed (“ROCE”) (3) | 14.5% | 11.9% | +260 bps | ||
| Net debt excluding capitalised leases (2) – 30 June 2026 / 31 December 2025 | £89.4m | £73.3m | £16m increase | ||
| Leverage (net debt to EBITDA) – 30 June 2026 / 31 December 2025 | 0.9x | 0.9x | Nil | ||
Please see below for explanation of Notes
Highlights
| • | Strong trading performance in the half-year, with both divisions contributing |
| • | Revenue up 7%(4) and adjusted profit before tax up 40%(4) |
| • | Group operating profit margin achieved double digits at 10.0%, up 170 bps(4) |
| • | Good progress on ROCE, up 260 bps to 14.5% |
| • | Robust balance sheet with leverage (net debt to EBITDA) of 0.9x (FY 2025 0.9x) |
| • | Excellent progress towards delivering medium-term targets, expected ahead of schedule |
| • | Full Year expectations unchanged from July post-close update |
| • | Contingent transaction costs of £35m reflected in reported loss before tax |
Offer for the Company
The scheme of arrangement for the recommended cash acquisition of Senior by Zeus UK Bidco Limited, an entity indirectly controlled by investment funds advised by affiliates of Tinicum Incorporated and Blackstone Inc. (the “Consortium”) was approved by Senior’s shareholders on 26 May 2026 with 99.7% of votes cast in favour.
Regulatory and antitrust filings are progressing well and as of today 10 of the 12 approvals which are required before completion have been granted.
Based on progress to date, we now expect completion by the end of 2026.
Commenting on the results, David Squires, Group Chief Executive Officer of Senior plc, said:
“We were pleased to have received strong shareholder support for the recommended cash acquisition and are making good progress towards the regulatory and anti-trust filings, such that we now expect to complete by the end of 2026.
The Group has performed very strongly in the first half of 2026, making excellent progress towards the achievement of our medium-term targets.
The Aerospace Division continued its positive momentum with order intake, sales, profitability and operating margins all showing excellent growth during the half-year.
The Flexonics Division delivered a robust performance in the first half of 2026, ahead of our initial expectations, with markets more resilient than anticipated and continued strength in operational execution. Overall, the division outperformed its end markets and increased its double-digit operating profit margin.
We would like to thank our teams across Senior who have continued to execute well with a clear focus on satisfying our customers. This disciplined approach has driven excellent profitability and cash generation. We have made strong progress against our medium-term targets, with Group adjusted operating margins increasing 170 bps on a constant currency basis to 10.0%, and ROCE increasing 260 bps to 14.5%.
In Aerospace, growth in civil aircraft build rates and increased demand across other core markets is expected to drive continued strong progress in 2026 and beyond. Flexonics’ expectations for the full year have improved as the year has progressed, driven by a robust North American Heavy-Duty truck market and strong operational performance.
With both Aerospace and Flexonics Divisions performing strongly, the Board remains confident of delivering full-year performance in line with the upgraded expectations announced in the July 2026 post-close trading update.”
Notes
| (1) | Adjusted operating profit and adjusted profit before tax are stated before £0.8m amortisation of intangible assets from acquisitions (H1 2025: £0.8m) and £0.6m site relocation costs (H1 2025: £1.4m). Adjusted profit before tax is also stated before £39.0m costs associated with corporate undertakings (H1 2025: £0.3m costs), of which £34.7m relate to contingent adviser and employee-related remuneration costs associated with the acquisition of Senior by Zeus UK Bidco Limited. A reconciliation of adjusted operating profit to reported operating profit is shown in Note 4. Adjusted operating margin is the ratio of adjusted operating profit to revenue. |
| (2) | See Note 12b and 12c for derivation of free cash flow and of net debt, respectively. |
| (3) | Return on capital employed (“ROCE”) is derived from the last twelve months of the continuing Group’s adjusted operating profit (defined in Note 4) divided by the average of the continuing capital employed at the start of the period (total equity plus net debt defined in Note 12c) and the end of the period (total equity plus net debt defined in Note 12c), excluding capital employed associated with contingent costs of the acquisition of Senior by Zeus UK Bidco Limited. |
| (4) | Constant currency is half-year 2025 results translated using 2026 average exchange rates. |
| (5) | Cash conversion is operating cash flow divided by adjusted operating profit. Operating cash flow is net cash from operating activities after investment in capital expenditure and excludes adjusting items, but before interest and tax. |
| (6) | The financial highlights table presents the results of continuing operations for the half-year. Reported figures include the effect of adjusting items as explained in Note 1. |
| (7) | The cash consideration payable in respect of the recommended cash acquisition of Senior assumes that, other than the full year 2025 final dividend which was paid in the first half of 2026, Senior Shareholders will not receive any dividend, distribution or other return of value prior to completion of the acquisition. Therefore, no interim dividend has been proposed and declared by the Board in the half-year 2026. |
| (8) | The following measures are used for the purpose of assessing covenant compliance for the Group’s borrowing facilities: |
| • EBITDA is adjusted profit before tax and before interest, depreciation, amortisation and profit or loss on sale of property, plant and equipment. It also excludes EBITDA from businesses which have been disposed and includes EBITDA for businesses acquired and it is based on frozen GAAP (pre-IFRS 16). EBITDA for the 12-month period ending June 2026 was £94.4m. | |
| • Net debt is defined in Note 12c, however for covenant purposes it is based on frozen GAAP (pre-IFRS 16) and as required by the covenant definition, it is restated using 12-month average exchange rates. | |
| • Interest is adjusted finance costs and finance income before net finance income of retirement benefits. It also excludes interest from businesses which have been disposed and it is based on frozen GAAP (pre-IFRS 16). | |
| • The definition of adjusted items in the Condensed Consolidated Income Statement is included in Note 4. |
The Group’s principal foreign exchange translation exposure is to the US Dollar. The average rate applied in the translation of Income Statement and cash flow items for half-year 2026 was $1.35 (H1 2025: $1.30) and the rate applied in the translation of balance sheet items at 30 June 2026 was $1.33 (30 June 2025: $1.37; 31 December 2025: $1.34).
